Canadian Real GDP Increases in August

Statistics Canada (StatCan) reported on Friday (10-28-22) that real gross domestic product (GDP) edged up 0.1% in August, following a similar 0.1% increase in July. The 0.3% increase in services-producing industries was partially offset by a 0.3% decline in goods-producing industries. Of the 20 industrial sectors included in the GDP report, 14 experienced in growth in August.

Advance information indicates that real GDP increased 0.1% in September. Increases in the oil and gas extraction subsector, the manufacturing sector, and the public sector were partially offset by declines in the construction sector. Advance information for Q3 indicates that real GDP increased 0.4%. However, owing to the preliminary nature, these estimates will be updated on November 29th with the release of the official GDP data for September.