Canada Real GDP Grew by 1.2% in August

The economic activity in Canada expanded by 1.2% on a monthly basis in August, the data published by Statistics Canada showed on Friday. This print followed July’s growth of 3.1% (revised from 3%) and beat the market expectation of 0.9%.

“This fourth consecutive monthly increase continued to offset the steepest drops on record in Canadian economic activity observed in March and April, however, overall economic activity was still about 5% below February’s pre-pandemic level,” Statistics Canada noted in its publication. “Both goods-producing (+0.5%) and services-producing (+1.5%) industries were up as 15 of 20 industrial sectors posted increases and two were essentially unchanged in August.”