Analysis

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Real gross domestic product grew 0.2% in October, a second consecutive monthly advance. Production increased in most major sectors, as was the case in September. A significantly higher level of activity for real estate agents and brokers provided the largest contribution to the 0.2% gain in service industries. There were also increases in retail and wholesale trade as well as in some tourism-related industries. Conversely, the finance and insurance sector retreated. Goods-producing industries advanced 0.1% on the strength of utilities. Construction advanced while mining retreated and manufacturing stood still.

Activity of real estate agents and brokers increases significantly

The buoyant market for existing homes led to a 7.2% increase in the activity of real estate agents and brokers in October. Sales of existing homes grew significantly in several parts of the country.

Construction activity was up 0.1%. Engineering and repair work as well as residential building construction increased while non-residential building construction retreated.

Retail trade increases on the strength of auto sales

Value added in retail trade advanced 0.3%, a continuation of the upward trend that started in May. The volume of activity of new car dealers increased significantly in October. Excluding new car dealers, retail trade was down 0.1%.

Wholesale trade edges up

The volume of wholesaling activity advanced 0.2% in October. All major trade groups recorded increases, with the exception of food, beverage and tobacco products and the wholesaling of other products (such as fertilizers, chemicals and recycled materials) which declined.

Output of utilities rises

Higher demand for electricity and natural gas led to a 2.4% increase in utilities. This increase was partially attributable to colder than usual temperatures in some parts of the country.

Mining and oil and gas extraction decreases

Mining and oil and gas extraction decreased 0.4% in October, as both petroleum and natural gas extraction declined. Conversely, support activities for oil and gas extraction grew for a third month in a row but its level stood well below that of a year ago. Mining excluding oil and gas extraction edged up 0.1% as metal ore mines decreased their production while coal and non-metallic mineral mines, especially potash, increased their output.

Manufacturing unchanged

After a 1.0% advance in September, manufacturing output remained unchanged in October, with 10 of the 21 major groups increasing. The main industries experiencing growth were fabricated metal products, paper products and primary metals. A number of export-oriented sectors benefitted from an increase in international demand. Manufacturers of transportation equipment (excluding motor vehicles), chemicals and wood products reduced their production.

The finance and insurance sector declines

The finance and insurance sector decreased 0.7% in October. Lower volume of trading on the stock markets led to a decline in activity by securities traders. To a lesser extent, banking and insurance services also declined. However, an increase in residential mortgage loan activity was recorded, on the strength of the home resale market.

Tourism-related industries up

Several tourism-related industries advanced in October, notably air transportation, accommodation and food services, and arts and entertainment.