GDP numbers for October and November show clear signs that Canada’s economy is slowing down | 24CA News

Canada’s gross home product expanded by 0.1 per cent in October, as progress within the service sector was barely sufficient to offset shrinkage in goods-producing industries.

Statistics Canada reported Friday that the GDP determine for October was a slowdown from 0.2 per cent progress seen the earlier month. And early numbers for November counsel no progress in any respect.

The service sector has grown for six months in a row whereas the products sector has contracted for 4 months in a row, the info company stated.

The service sector received a lift from some sudden locations in the course of the month with the performing arts, spectator sports activities and associated industries rising by 4.7 per cent in the course of the month.

Blue Jays and NHL video games boosted the economic system just a little

That was largely because of the Toronto Blue Jays, who had 5 extra video games than typical in the course of the month — three make-up video games for ones cancelled in the course of the common season, and a two-game playoff. 

It wasn’t simply baseball. “A late start to the National Hockey League pre-season in September contributed to a higher-than-usual increase in attendance in October,” the info company stated.

While the 0.1 per cent progress in total financial progress in October was in step with what economists have been anticipating, the numbers painted an image of an economic system displaying clear indicators of slowing down.

“The Canadian economy has been holding up relatively well overall heading into the end of 2022, largely because the service sector is now carrying the weight,” Bank of Montreal economist Robert Kavcic stated. “But the real question will be how things shake out during the first half of next year, when aggressive Bank of Canada rate hikes start to more fully work their way through the system.”