Statistics Canada (StatCan) on Friday (9-1-23) reported that real gross domestic product (GDP) was nearly unchanged in 2023Q2, following a 0.6% increase in Q1. StatCan says the slowdown was attributable to continued declines in housing investment, which fell 2.1% in the quarter (the fifth consecutive quarterly decrease), smaller inventory accumulation, as well as slower international exports and household spending.
Increased business investment in engineering structures and higher government spending were among the few components that contributed to growth in Q2.
Final domestic demand increased by 0.3%, a similar increase to that seen in 2022Q1.
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