Canada: Canada’s real gross domestic product (GDP) remained unchanged in August, the country’s statistical body said Thursday. According to Anadolu Agency, the services-producing industries edged up 0.1% in August, driven largely by increases in the finance and insurance and public administration sectors.
Conversely, goods-producing industries saw a decline of 0.4%, reaching their lowest level since December 2021, primarily due to contractions in the manufacturing and utilities sectors. The manufacturing sector experienced the steepest decline, contracting by 1.2%.
Despite these downturns, 12 out of 20 sectors reported growth in August. The finance and insurance sector notably expanded by 0.5% for the third consecutive month, while the retail trade sector saw a 0.6% increase, marking its second consecutive monthly rise. Mining, quarrying, and oil and gas extraction also grew by 0.6%.
However, non-durable goods manufacturing decreased by 1.4%, the largest decline since March, with chemical manufacturing con
tracting by 5% and pharmaceutical and medicine production plummeting by 10.3%. Durable goods manufacturing continued its downward trajectory, decreasing by 1.0%, a trend that started in the summer of 2023.
Transportation and warehousing contracted for the second month in a row, falling by 0.3%. Utilities experienced a 1.9% contraction in August following three months of consecutive growth. Meanwhile, wholesale trade declined by 0.6%, marking its third decrease in four months.