Canada economy contracts 0.1% in October

Special Report:Global Financial Crisis

OTTAWA, Dec. 24 (Chinese media) -- Canada's economy shrank by 0.1 percent in October, dragging the country into recession, federal agency Statistics Canada reported Wednesday.

Canada's economy, which increased 0.1 percent in September, entered into a technical recession starting from October, government officials have said previously.

It was pulled down by declines in wholesale trade, manufacturing, real estate, construction and retail trade, the Statistics Canada report said.

Economists predicted the GDP to show an even bigger contraction in November.

Some have forecasted a 2.5 percent annualized decline in the fourth quarter, the sharpest quarterly contraction since the 1991 recession in the country.