The Canadian economy grew slightly in October with the latest reading on real gross domestic product coming in higher than expected.
The cool down in the goods-producing industries in October was led by a decrease in mining, quarrying, and oil and gas extraction and weakening in the manufacturing sector.
The initial estimate for November indicates real GDP was essentially unchanged for that month, but the agency cautioned the estimate would be updated next month. “This deceleration of growth is aligned with our view that the lagged effects of interest rate hikes and still high inflation is causing Canadians to gradually tighten their purse strings,” James Orlando, director and senior economist with TD Economics, said in a commentary.
Indeed, the consensus among economists seems to be that economic growth in the coming months will largely hinge on the ongoing affect of rate hikes.
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