Canadian GDP rose 0.8% in October, according to national statistics agency statistics Canada with 17 of 20 sectors posting gains.
The strongest growth in October was in air transportation with 19% as travel resumed. The performing arts, sports and heritage institutions also grew substantially by 15.4% as capacity limits for large group gatherings eased. In parallel retail activity in sporting goods, book and music stores grew by 12.6%.
Significantly the oil and gas extraction sector was up 1.5% the fifth increase in six months, led by 3.9% growth in oil sands extraction in Alberta. Year-over-year the Canadian energy sector grew 8.8% in October.
Important declines were registered in the management of companies and enterprises which declined 20.3% year-over-year and agriculture, forestry fishing and hunting which declined by 17.2%.
Over all industries Canada registered 3.8% growth year-over-year. According to the OECD’s Canada economic forecast the country will grow at 3.9% in 2022 and 2.8% in 2023.
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