OTTAWA—Canada’s economy exceeded market expectations with 0.3 percent growth in October, led by increases in oil and gas extraction and manufacturing, but gross domestic product likely contracted in November, data showed on Monday.
Analysts polled by Reuters had forecast a 0.2 percent month-over-month rise in October. September’s growth rate was upwardly revised to 0.2 percent from an initial report of 0.1 percent, Statistics Canada (Statscan) data showed.
The stronger than expected start to the fourth quarter and the upward revision to September’s growth rate could assuage some concerns about Canada’s economy.
Growth in the third quarter missed the Bank of Canada’s (BoC) forecast and the central bank said earlier this month that data suggested the economy may underperform its expectation in the last three months of 2024….