Statistics Canada announced that the country's real gross domestic product (GDP) was essentially unchanged in August, following a 0.1% increase in July.

The services-producing industries edged up 0.1% in August, driven in large part by increases in the finance and insurance and the public administration sectors. Goods-producing industries (-0.4%) reached the lowest level since December 2021, with the manufacturing and utilities sectors causing the decline within this aggregate. Overall, 12 of 20 sectors expanded in August.

The manufacturing sector was the largest detractor to growth in August, decreasing 1.2%, with both durable goods and non-durable goods manufacturing contributing to the decline.

Transportation and warehousing contracted for the second consecutive month, falling 0.3% in August. Rail transportation (-7.7%) was the largest contributor to the decline, as work stoppages at Canada's two main rail carriers led to decreases in intermodal and non-intermodal carloadings in the month.

 

Back