Canada's real GDP remains unchanged in August

ISTANBUL

Canada's real gross domestic product (GDP) remained unchanged in August, the country's statistical body said Thursday.

"The services-producing industries edged up 0.1% in August, driven in large part by increases in the finance and insurance and the public administration sectors," Statistics Canada said in a statement.

Goods producing industries, on the other hand, contracted 0.4% to reach their lowest level since December 2021, led by manufacturing and utilities sectors.

Manufacturing sector showed the highest contraction with 1.2%.

Overall, however, 12 of 20 sectors expanded in August.

Finance, insurance sector expands for 3rd month

Non-durable goods manufacturing decreased 1.4% in August, marking its largest decline since March, said Statistics Canada.

Chemical manufacturing was the largest contributor to the decline in August by contracting 5%, as pharmaceutical and medicine led the decrease by plummeting 10.3%.

"Durable goods manufacturing continued the downward trend that began in the summer of 2023 and decreased 1.0% in August 2024, bringing activity to its lowest level since September 2021," the agency said in the statement.

Transportation and warehousing, meanwhile, contracted for the second consecutive month by falling 0.3% in August.

"Utilities contracted 1.9% in August following three consecutive months of growth," said the statement.

Wholesale trade decreased 0.6% in August, falling for the third time in four months.

Finance and insurance sector, on the other hand, expanded 0.5% in August and rose for the third consecutive month.

"The retail trade sector increased 0.6% in August, recording a second consecutive monthly increase," the statement said.

"Mining, quarrying and oil and gas extraction rose 0.6% in August," it added.