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.