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- Canada’s economy expands by 1.2 percent in August
Canada’s economy expands by 1.2 percent in August
Statistics
Canada announced on Friday that the country’s gross domestic product (GDP) grew
1.2 percent m-o-m in August, following a revised 3.1 percent m-o-m advance in
July (originally a 3.0 percent m-o-m increase).
This was above
economists’ forecast for a 0.9 percent m-o-m growth and marked the fourth
consecutive monthly gain. However, overall economic activity was still about 5
percent below February's pre-pandemic level.
In y-o-y terms,
the Canadian GDP fell 3.8 percent in August.
According to
the report, both goods-producing (+0.5 percent m-o-m) and services-producing (+1.5
percent m-o-m) industries were up as 15 of 20 industrial sectors posted advances
and two were essentially unchanged in August.
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