Canada’s GDP was flat at 0.0% mom in August, essentially unchanged for a second month, below expectation of 0.1% mom growth. Services producing industries edged up by 0.1% mom in the month while goods-producing industries contracted -0.2% mom. Overall, 8 of 20 industrial sectors increased.
Statistics Canada noted, “factors such as higher interest rates, inflation, forest fires and drought conditions continued to weigh on the economy”.
Advance information suggests that real GDP was essentially unchanged again in September, as well as in Q3. Decreases in mining, quarrying, and oil and gas extraction and utilities were partially offset by increases in the construction and public sectors.
