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Canada’s economy expanded more than expected in October, but an early estimate suggests the momentum died in November.

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Gross domestic product expanded by 0.3 per cent in October, Statistics Canada said Monday, with the monthly gain driven mainly by mining, quarrying, and oil and gas extraction.

The rise in GDP beat economists’ forecast of 0.2 per cent, with 10 of the economy’s 12 sectors expanding.

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However, the agency’s advance estimate for November has the economy shrinking by 0.1 per cent, the first negative reading this year.

In October, oil and gas extraction grew by 3.1 per cent, with oilsands output increasing by 5.2 per cent, its largest monthly gain since December 2020.

Mining and quarrying expanded by 0.8 per cent during the month, due to increases in copper, nickel, lead and zinc ore mining.

Manufacturing grew by 0.3 per cent in October, driven by a jump in non-durable goods following four consecutive months of decline.

Real estate and rental leasing rose by 0.5 per cent, the sixth consecutive increase and the largest monthly gain since January. Much of the gain was driven by higher home sales in Toronto and Vancouver, with the industry’s activity level in October hitting its highest point since April 2022.

The construction sector rose for the third month in a row by 0.4 per cent, led by non-residential building construction.

Wholesale trade was up 0.5 per cent. Motor vehicles and vehicle parts and accessories grew by 3.3 per cent, due to higher vehicle sales during October.

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