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Economic news
31.10.2024

Canada’s economy flattens in August, matching expectations

Statistics Canada reported on Thursday that the Canadian gross domestic product (GDP) was flat m-o-m in August, following a downwardly revised 0.1 per cent m-o-m advance (from +0.2 per cent m-o-m) in the previous month. Economists had predicted no change for August.

In y-o-y terms, the Canadian GDP increased 1.3 per cent in August.

According to the report, the services-producing businesses registered a 0.1 per cent m-o-m uptick in August, while goods-producing industries recorded a 0.4 per cent m-o-m decline. 

Overall, 12 of the 20 industrial sectors posted gains in the reviewed period, led by mining, quarrying, and oil and gas extraction (+0.6 per cent m-o-m), retail trade (+0.6 per cent m-o-m), finance and insurance (+0.5 per cent m-o-m), and public administration (+0.5 per cent m-o-m). Meanwhile, management of companies and enterprises (-3.7 per cent m-o-m), utilities (-1.9 per cent m-o-m) and manufacturing (-1.2 per cent m-o-m) demonstrated the biggest decreases.

It was also reported that preliminary data indicates that real GDP expanded 0.3 per cent m-o-m in September, reflecting advances in finance and insurance, construction, and retail trade that were partially offset by contractions in mining, quarrying, and oil and gas extraction.

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