Canada’s GDP unchanged in August

OTTAWA, Oct. 31 (Xinhua) — Canada’s real gross domestic product (GDP) was essentially unchanged in August, following a 0.1 percent increase in July, Statistics Canada said Thursday.
The manufacturing sector was the largest detractor to growth in August, decreasing 1.2 percent, with both durable goods and non-durable goods manufacturing contributing to the decline, the national statistical agency said.
Transportation and warehousing contracted for the second consecutive month, falling 0.3 percent in August. Rail transportation dropped by 7.7 percent, the largest contributor to the decline, as work stoppages at Canada’s two main rail carriers led to decreases in intermodal and non-intermodal carloadings in the month, the agency said.
Overall, 12 of 20 sectors expanded in August, the agency added.
Advance information indicated that real GDP increased 0.3 percent in September, suggesting that the economy expanded 0.2 percent in the third quarter of 2024, according to Statistics Canada. ■