Canada’s GDP Increased 0.4% in August
Gross domestic product by industry, August 2021
Statistics Canada (StatsCan) reported today (10-29-21) that Canada’s real gross domestic product (GDP) rose 0.4% in August. This was result of the continued easing of public health restrictions and further reopening across the country, as well as increased demand across many close contact service industries.
The uptick was led by increases in accommodations and food services, retail trade, and transportation. Overall, 15 of 20 industrial sectors were up as growth in services-producing industries (+0.6%) more than offset a decline in goods-producing industries (-0.1%).
Preliminary information indicates that real GDP was essentially unchanged in September.
Widespread increases led by mining, quarrying, and oil and gas extraction, wholesale trade, and transportation were offset a by significant drop in manufacturing due to lower sales in transportation equipment and a decline in retail trade. This advance estimate points to an approximate 0.5% increase in real GDP in Q3 of 2021.
Because of their preliminary nature, these estimates will be revised on November 30, with the release of the official GDP data for the September reference month and Q3 of 2021.
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