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- Canada’s economy up 0.1 percent in August
Canada’s economy up 0.1 percent in August
Statistics
Canada announced on Thursday that the country’s gross domestic product (GDP)
edged up 0.1 percent m-o-m in August, following no change in July.
That was below
economists’ forecast for a 0.2 percent m-o-m growth.
In y-o-y terms,
the Canadian GDP rose 1.3 percent in August.
According to
the report, the manufacturing sector grew 0.5 percent m-o-m in August,
following essentially no growth in July. Meanwhile,
the construction
sector dropped 0.7 percent m-o-m, the transportation and warehousing sector
contracted 0.5 percent m-o-m and manufacturing edged down 0.1 percent m-o-m. At
the same time, utilities increased 1.5 percent m-o-m in July, while the
wholesale sector rose 1.1 percent m-o-m and retail trade edged up 0.1 percent
m-o-m. The professional, scientific and technical services sector was up 0.7
percent m-o-m, continuing its uninterrupted growth since February 2018. The
finance and insurance sector expanded 0.5 percent m-o-m in August, recording
advance for the fourth month in a row. The construction sector increased 0.3
percent m-o-m in August, the third gain in four months. The mining, quarrying
and oil and gas extraction sector inched up 0.1 percent m-o-m in August,
following a 3.6 percent
m-o-m decrease in July. At the same time, wholesale trade fell 1.3 percent
m-o-m in August, more than offsetting July's growth, while utilities dropped
1.5 percent m-o-m in August.
Overall,
goods-producing industries rose 0.2 percent m-o-m in August, while,
services-producing industries increased 0.1 percent m-o-m.
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