Canada GDP


Canada: GDP falls in August

October 31, 2012

In August, GDP declined a seasonally adjusted 0.1% over the previous month, which contrasted July's 0.2% rise as well as market expectations of an increase of the same magnitude. According to Statistics Canada, mining and oil and gas extraction as well as manufacturing drove the decrease in August. On an annual basis, GDP expanded 1.2% in August, which was below the 1.9% increase observed in July. Moreover, the trend continues to point downwards, with annual average variation in GDP dropping from 2.2% in July to 2.0% in August. According to its October Monetary Policy Report, the Central Bank projects the economy to grow 2.2% this year and 2.3% in 2013


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