GDP Moves Doggedly Upward in August

The Canadian economy grew in August as real gross domestic product rose by 1.2% in August, according to figures released Friday by Statistics Canada.

That marked the fourth straight month of growth following the steepest drops on record back in March and April amid pandemic lockdowns.

August's figure slid a bit, though, from the 3.1% expansion seen in July.

Despite the recent string of growth, overall economic activity is still about 5% below February's pre-pandemic level, according to the nation's number crunchers.

Preliminary information from StatsCanindicates real GDP was up 0.7% in September with increases seen in the manufacturing and public sectors, as well as in mining, quarrying and oil and gas extraction.

Back in the second quarter, the country's GDP shrank by 11.5% in the three-month period between April and June.