Economic growth has stalled out, Statistics Canada said Wednesday, an unexpected development as an anticipated pick up in the country’s factories continues to be elusive.
After falling 0.5 per cent a month earlier, the economy posted flat growth in October the federal statistics agency said. Ironically, oil production helped lift growth in the month while output from other important areas fell, namely manufacturing.
Low oil prices have been a drag on the economy throughout the year, pushing the Canadian dollar lower – a process that is supposed to help boost manufacturing and exports but has been inconsistent.
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No growth
Alongside GDP numbers, Statscan also released retail sales figures that came in below expectations.
The economy fell into a mild recession to start the year, shrinking in back to back quarters before rebounding through the summer.
On a monthly basis, Canada’s economy has posted growth in just three months out of 10 accounted for this year.
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