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- Canadian GDP rose 0.1% in August, seventh consecutive month of growth
Canadian GDP rose 0.1% in August, seventh consecutive month of growth
Real gross domestic product rose for a seventh consecutive month, edging up 0.1% in August. Growth was concentrated in oil and gas extraction and finance and insurance, which more than offset declines in 12 of 20 industrial sectors.
The output of services-producing industries edged up 0.1%, while output was essentially unchanged for goods-producing industries.
The mining, quarrying and oil and gas extraction sector posted the largest increase in activity in August, rising 0.9% to nearly offset the declines in the two previous months.
The oil and gas extraction subsector was up 1.9%, led by a 3.2% rise in non-conventional oil extraction as crude bitumen and total crude production in Alberta reached record levels. Conventional oil and gas extraction (+0.8%) was up for the third month in a row, largely as a result of growth in natural gas extraction.
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