Canadian Real GDP Holds Steady in August

On Friday, Statistics Canada (StatCan) reported that real gross domestic product (GDP) was essentially unchanged in August, marking the second consecutive month with little change. Of the 20 industrial sectors, nine expanded.

Goods-producing industries edged up 0.1%, as increases in manufacturing and construction more than offset a decline in utilities. Services-producing industries edged down 0.1%, as declines in wholesale trade and public administration were partially offset by growth in retail trade.

According to StatCan’s advance estimate, real GDP declined 0.1% in September, as decreases in manufacturing and mining, quarrying, and oil and gas extraction were partially offset by gains in utilities and wholesale trade. The estimate is preliminary and will be updated on November 30.

With the September advance estimate, real GDP is projected to have expanded 0.3% in Q3. The official Q3 GDP estimate by income and expenditure will be released on November 30.