The Globe and Mail reports in its Tuesday edition that Statistics Canada says the economy grew 0.3 per cent in October, helped by strength in the mining, quarrying, and oil and gas sector, following a 0.2-per-cent increase in September. A Canadian Press dispatch to The Globe says the growth came as services-producing industries grew 0.1 per cent for the month, marking the fifth straight month of increases. Meanwhile, after four consecutive monthly declines, goods-producing industries rose 0.9 per cent. Mining, quarrying and oil and gas extraction rose 2.4 per cent in October with all three subsectors rising. Oil and gas extraction was the largest contributor, increasing 3.1 per cent. Manufacturing rose 0.3 per cent in the month, following four consecutive monthly declines, driven by an increase in non-durable goods manufacturing. CIBC economist Andrew Grantham called the economy's October gains "a larger-than-expected stride forward," as the results were slightly above consensus estimates. He noted, however, early evidence for November suggests "it stumbled again in that month." Mr. Grantham added that "Q4 GDP is still tracking slightly below the Bank of Canada's projection and below the economy's long-run potential."
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