Canada’s Gross Domestic Product (GDP) shrank by 0.3 percent in October due to a contraction in industries producing goods and services, according to Statistics Canada.
The numbers come following the agency’s September report, which showed the GDP grew by 0.2 percent.
StatCan said in its briefing that October’s numbers were due to contractions in “durable-goods and non-durable goods manufacturing industries,” with the manufacturing sector falling by 1.5 percent overall.
Due to production slowdowns stemming from the United States’ additional tariffs on Canadian lumber as of Oct. 14, wood product manufacturing fell by 7.3 percent, which was the largest decline since April 2020. Sawmills and wood preservation also fell by 9 percent….