Real gross domestic product (GDP) increased 0.3 per cent in October, following a 0.2 per cent increase in September.

After four consecutive monthly declines, the goods-producing industries rose 0.9 per cent with mining, quarrying, and oil and gas extraction contributing the most to the growth in October. The services-producing industries edged up 0.1, in large part due to increased activity in the real estate and rental and leasing sector. This was the fifth consecutive month of growth for the services-producing industries. Overall, 12 of 20 sectors expanded in October.

Oil and gas extraction was the largest contributor to growth, increasing 3.1 per cent in October.

Newfoundland and Labrador had one of the largest rates of growth in wholesale merchants sales in the country—up 5.2 per cent in October 2024 from October 2023.