OTTAWA, Dec 24 (Reuters) - Canada's economy shrank by 0.1 percent in October from September on declines in wholesale trade and manufacturing as well as less business for real estate agents and brokers, Statistics Canada said on Wednesday.
Analysts polled in advance by Reuters had expected a 0.3 percent decrease. Year on year, GDP growth was an anemic 0.2 percent, the lowest figure since the 0.2 percent increase recorded in May 1992.
Wholesale trade fell by 2.7 percent in October over September while manufacturing dropped by 0.7 percent, as both sectors felt the impact of the slump in the auto sector.
Weakening demand for housing reduced business for real estate agents and brokers by 14.3 percent in October, the largest monthly decline in more than a decade.
On the positive side, the energy sector grew by 1.2 percent on increased oil and gas extraction while the finance and insurance sector rose 0.4 percent due to unusually high trading volume on stock exchanges.
(Reporting by David Ljunggren; Editing by Jonathan Oatis) Keywords: CANADA ECONOMY/GDP (david.ljunggren@thomsonreuters.com; +1 613 235-6745; Reuters Messaging: david.ljunggren.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Analysts polled in advance by Reuters had expected a 0.3 percent decrease. Year on year, GDP growth was an anemic 0.2 percent, the lowest figure since the 0.2 percent increase recorded in May 1992.
Wholesale trade fell by 2.7 percent in October over September while manufacturing dropped by 0.7 percent, as both sectors felt the impact of the slump in the auto sector.
Weakening demand for housing reduced business for real estate agents and brokers by 14.3 percent in October, the largest monthly decline in more than a decade.
On the positive side, the energy sector grew by 1.2 percent on increased oil and gas extraction while the finance and insurance sector rose 0.4 percent due to unusually high trading volume on stock exchanges.
(Reporting by David Ljunggren; Editing by Jonathan Oatis) Keywords: CANADA ECONOMY/GDP (david.ljunggren@thomsonreuters.com; +1 613 235-6745; Reuters Messaging: david.ljunggren.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2008. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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