Business

Canadian GDP expanded by 0.1% in August

Statistics Canada says real gross domestic product edged up 0.1 per cent in August, the seventh consecutive month to see an increase.
The Canadian economy expanded by 0.1 per cent in August, slightly better than what economists were expecting. (Chris Young/Canadian Press)

Statistics Canada says real gross domestic product edged up 0.1 per cent in August, the seventh consecutive month to see an increase.

Thomson Reuters Eikon says economists had expected no change for the month.

Growth in oil and gas extraction and the finance and insurance sector helped to more than offset declines in 12 of the 20 industrial sectors tracked by the federal agency.

The mining, quarrying and oil and gas extraction sector rose 0.9 per cent, while the oil and gas extraction subsector gained 1.9 per cent.

The finance and insurance sector rose 1.0 per cent in August, the largest monthly gain since May 2017.

Overall, Statistics Canada says services-producing industries edged up 0.1 per cent, while goods-producing industries were essentially unchanged.

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