“Real gross domestic product rose for a seventh consecutive month, edging up 0.1% in August,” Statistics Canada reported on Wednesday. “Growth was concentrated in oil and gas extraction and finance and insurance, which more than offset declines in 12 of 20 industrial sectors.”
Key takeaways from the press release
- The output of services-producing industries edged up 0.1%, while output was essentially unchanged for goods-producing industries.
- The mining, quarrying and oil and gas extraction sector posted the largest increase in activity in August, rising 0.9% to nearly offset the declines in the two previous months.
- Following a 0.4% decline in July, the finance and insurance sector rose 1.0% in August, the largest monthly gain since May 2017.
- Retail trade declined 0.2% in August, the fourth decrease in five months, as 7 of 12 subsectors contracted.