2023-10-31 17:02:02
The Canadian economy continued to stall in August, posting zero growth for a second consecutive month.
High interest rates, inflation, wildfires and drought conditions continued to weigh on the economy, Statistics Canada reported Tuesday. Production of services increased by 0.1% while the goods sector fell by 0.2% in August.
Retail trade is in decline for a third month in a row and food services and drinking establishments also show falling revenues.
Preliminary results for September point to another month of zero growth, Statistics Canada also indicates. These preliminary results will be revised on November 30, with the complete picture of the third quarter. In the second quarter, the economy shrank by 0.2% at an annualized rate.
GDP growth in August was below expectations for a fifth consecutive month, underline National Bank economists Matthieu Arseneau and Kyles Dahms. “This performance is particularly weak if we take into account the galloping population growth,” they commented.
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