Canada's GDP expands by 0.3% in October

Canada's economy continued to expand in October, growing by 0.3 per cent even as the price of oil was cratering.

Statistics Canada reported Tuesday that goods-producing industries and the service sector both expanded.

"Notable gains were recorded in mining and oil and gas extraction as well as manufacturing," the data agency said in a release. "Construction also increased in October. In contrast, utilities and the agriculture and forestry sector declined."

The public sector expanded by 0.8 per cent, but much of that was tied to a 2.6 per cent expansion in the education sector which was itself tied to the end of a teacher's strike in B.C. the previous month.

The oil and gas sector shrank by 3.6 per cent in September, as prices started to plunge. But that reversed in October, expanding by 1.5 per cent, led by non-conventional oil production, while natural gas production was down.

The mining sector expanded by 1.5 per cent as a"notable gain in potash mining more than offset a decline in copper, nickel, lead and zinc mining," Statistics Canada said.

"Canadas economy beat expectations and the details were fairly solid as services and goods posted growth," Scotiabank said in a release after the data came out.