Third consecutive increase in GDP in Canada

Canada's real gross domestic product (GDP) rose 0.

Third consecutive increase in GDP in Canada

Canada's real gross domestic product (GDP) rose 0.1% last August, after seeing similar increases the previous two months, Statistics Canada announced on Friday.

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Although an increase was observed in services-producing industries (0.3%), this was offset by a decline in goods-producing industries (-0.3%).

In all, 14 of the 30 sectors of activity recorded an increase in August, also specified the federal agency.

After a more difficult month of July, the trade sector grew by 1.2%, thanks to increases in 10 of the 12 sub-sectors. "This is a notable turnaround from July, when production fell back to its December 2021 level," Statistics Canada said.

August was also a positive month for the public sector (0.3%) which recorded its fourth consecutive monthly increase. “Public administration (0.5%) contributed the most to the growth recorded in August, due to increases posted in most sub-sectors,” added the federal agency.

The construction and manufacturing sectors, for their part, experienced declines of 0.7% and 0.8% respectively. These two sectors have also experienced several declines over the past five months.

“Advance information for the third quarter indicates that real GDP increased by 0.4%. Due to their provisional nature, these estimates will be revised on November 29, when official GDP data will be released for September and for the third quarter.

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