Canada’s real GDP edges up in August as construction sector contracts

Statistics Canada
October 28, 2022
Category: Finance & Economics
Region: Canada

Real gross domestic product (GDP) edged up 0.1% in August, following a slight (+0.1%) increase in July. Growth in services-producing industries (+0.3%) was partially offset by a decline in goods-producing industries (-0.3%), as 14 of 20 industrial sectors increased in August. Advance information indicates that real GDP increased 0.1% in September. …The construction sector contracted for the fifth consecutive month, down 0.7% in August as all subsectors recorded decreases. Similar to July, engineering and other construction activities (-0.9%) was the main driver behind the sector’s decline in August, contracting for a second month in a row. Residential building construction was down for the fourth time in five months, contracting 0.7% in August. …Non-residential building construction decreased 0.5% in August, the third decrease in four months. Repair construction (-0.4%) contracted for the third time in five months, as both residential and non-residential repair activities were down.

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