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.
Author: Robert Hill, Economist