Canada’s economy up 0.1 percent in August

Statistics Canada announced on Thursday that the country’s gross domestic product (GDP) edged up 0.1 percent m-o-m in August, following no change in July.

That was below economists’ forecast for a 0.2 percent m-o-m growth.

In y-o-y terms, the Canadian GDP rose 1.3 percent in August.

According to the report, the manufacturing sector grew 0.5 percent m-o-m in August, following essentially no growth in July. Meanwhile,

the construction sector dropped 0.7 percent m-o-m, the transportation and warehousing sector contracted 0.5 percent m-o-m and manufacturing edged down 0.1 percent m-o-m. At the same time, utilities increased 1.5 percent m-o-m in July, while the wholesale sector rose 1.1 percent m-o-m and retail trade edged up 0.1 percent m-o-m. The professional, scientific and technical services sector was up 0.7 percent m-o-m, continuing its uninterrupted growth since February 2018. The finance and insurance sector expanded 0.5 percent m-o-m in August, recording advance for the fourth month in a row. The construction sector increased 0.3 percent m-o-m in August, the third gain in four months. The mining, quarrying and oil and gas extraction sector inched up 0.1 percent m-o-m in August, following a 3.6 percent m-o-m decrease in July. At the same time, wholesale trade fell 1.3 percent m-o-m in August, more than offsetting July's growth, while utilities dropped 1.5 percent m-o-m in August.

Overall, goods-producing industries rose 0.2 percent m-o-m in August, while, services-producing industries increased 0.1 percent m-o-m.