Statistics Canada announced on Wednesday that the country’s gross domestic product (GDP) grew 0.4 percent m-o-m in October, following an unrevised 0.8 percent m-o-m advance in September.

This was above economists’ forecast for a 0.3 percent m-o-m advance and marked the sixth consecutive monthly gain. However, overall economic activity was still about 4 percent below February's pre-pandemic level.

In y-o-y terms, the Canadian GDP fell 3.5 percent in October.

According to the report, both goods-producing (+0.1 percent m-o-m) and services-producing (+0.5 percent m-o-m) industries were up as 16 of 20 industrial sectors posted advances in October.