The Canadian economy shrank in October

Canada's economy shrank surprisingly at the beginning of the last quarter of the year due to strong weakness in the industrial sector and reduced yields of oil and natural gas, according to the official Canadian statistics.
Gross domestic product fell in October by 0.3% to 1.68 million canadian dollars in expectation of stagnation of the Canadian economy compared to September, when it rose by 0.4 percent.
This represents the first reduction of the Canadian economy after four consecutive months of growth and today's data will likely reinforce expectations for its delay at the end of the year after a good rebound in the third quarter, analysts say.
Surprisingly deterioration was due to the greatest degree of decline by 2% in industrial production - the most solidly decrease from December 2013. Extraction of oil and natural gas fell by 2.5%, retreating positions after four months of growth.
Weak construction also weighs on the economic performance of Canada in October it deteriorated by 0.5%, marking the fifth decline in the past six months, the analyst added.