Canada's Economy Grew 0.2% in October

Canada’s economy grew 0.2 percent in October, less than economists expected, as gains in real estate services and utilities offset a drop in mining output., Bloomberg 12/23/2009 10:27:25 AM

A jump in home sales led a 7.2 percent gain in the value of services from real estate agents and brokers, while unusually cold weather raised output at utilities by 2.4 percent, Statistics Canada said.

The report signals Canada, the U.S.’s biggest trading partner, is emerging from its first recession since 1992, after output shrank for three straight quarters through June. Prime Minister Stephen Harper has budgeted a record deficit to help spur growth and Bank of Canada Governor Mark Carney has pledged to keep his key interest rate at a record low through June unless the inflation outlook shifts.

Retailing rose 0.3 percent in October, wholesaling rose 0.2 percent, and construction rose 0.1 percent, Statistics Canada said. Mining and energy exploration declined 0.4 percent, while finance and insurance fell 0.7 percent.
Gross domestic product in October was 3.2 percent less than a year earlier.