Canadian GDP Unchanged in August, but Advance September Estimate Shows Increase

On Thursday, Statistics Canada (StatCan) reported that Canadian real gross domestic product (GDP) was essentially unchanged in August, following a 0.1% increase in July.

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 posted a 0.4% decline, reaching the lowest level since December 2021, with manufacturing and utilities causing the decline within this aggregate. Overall, 12 of 20 sectors expanded.

Advance information indicates that real GDP increased 0.3% in September. Increases in finance and insurance, construction, and retail trade were partially offset by decreases in mining, quarrying, and oil and gas extraction. Owing to its preliminary nature, this estimate will be updated on November 29th with the release of the official GDP by industry data for September.

With this advance estimate for September, information on real GDP by industry suggests that the economy expanded 0.2% in Q3. The official estimate for Q3 will be available on November 29th, when the official estimate of GDP by income and expenditure is released.