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Canada: GDP growth inches down again in August

October 30, 2015

In August, GDP grew 0.1% over the previous month in seasonally-adjusted terms. The tally was down from the 0.3% expansion registered in July. However, it was in line with market expectations. The reading marks the third consecutive month of growth after having contracted from January through May. The figure reflected modest growth across most sectors. The manufacturing, mining, quarrying, and oil and gas extraction and retail trade sectors supported growth in August, while declines in the financial sector and wholesale trade helped to offset gains made in other sectors.

On an annual basis, GDP rose 0.9% in August, which was slightly above July’s revised 0.7% increase (previously reported: +0.8% year-on-year). The overall trend slid slightly as the annual average variation in GDP fell from 1.7% in July to 1.6% in August.

According to its October Monetary Policy Report, the Central Bank projects that the economy will grow 1.1% in 2015 and 2.0% in 2016. FocusEconomics Consensus Forecast panelists expect the economy to grow 1.2% in 2015, which is down 0.1 percentage points from last month’s estimate. For 2016, the panel expects the economy to expand 2.0%, which is also down 0.1 percentage points from last month’s forecast.


Author:, Economist

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Canada GDP Chart


Canada Monthly GDP August 2015

Note: Month-on-month changes of seasonally-adjusted GDP and year-on-year variation in %.
Source: Statistics Canada (SC) and FocusEconomics calculations.


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