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Economy Grows 0.1% In August

By Brad Perry Oct 28, 2022 | 10:24 AM

Canada’s economy saw slight growth in August, according to new figures from Statistics Canada.

Real GDP grew by 0.1 per cent, similar to what the nation’s economy saw in the previous two months.

Growth in services-producing industries was partially offset by a decline in goods-producing industries, according to the agency’s monthly report.

Retail trade rebounded 1.2 per cent from July when output fell back to December 2021 levels.

Sales at gasoline stations increased 6.9 per cent following three consecutive monthly declines while gasoline prices fell 9.6 per cent.

Food and beverage stores rose 1.3 per cent following two consecutive monthly declines. Supermarkets and other grocery stores contributed the most to the subsector’s growth, along with beer, wine and liquor stores.

Wholesale trade grew 0.9 per cent in August, up for the second time in seven months. Machinery, equipment and supplies wholesaling contributed the most to the growth. Building material and supplies merchant wholesalers also recorded a notable increase.

Decreases in the farm product and personal and household goods merchant wholesalers subsectors tempered the overall growth.

The public sector — which includes educational services, health care and social assistance, and public administration — expanded 0.3 per cent in August, marking the fourth consecutive monthly increase.

The agriculture, forestry, fishing and hunting sector rose 3.9 per cent, mainly due to increased crop production.

Construction contracted for the fifth consecutive month, down 0.7 per cent in August. Engineering and other construction activities was the main driver behind the sector’s decline.

Residential building construction was down for the fourth time in five months, in large part due to lower activity in new construction of single-detached homes, row units and apartments. Non-residential building construction and repair construction were also down.

Manufacturing contracted 0.8 per cent in August — the fourth decline in five months and the lowest output level since January — led by a decline in durable goods industries.

The mining, quarrying and oil and gas extraction sector contracted one per cent in August after a 1.9 per cent gain the previous month.

Utilities rose 1.5 per cent, led by an increase in electric power generation, transmission and distribution.

You can view the full report online by clicking here.


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