Canada’s gross domestic product (GDP), a broad measure of the economy’s performance, grew
a slight 0.1% in August, according to Statistics Canada.
The federal agency also issued an initial estimate for third-quarter GDP, saying the Canadian
economy recorded an annualized growth rate of 1.6% during the July to September period.
That’s down from an annual growth rate of 3.3% in this year’s second quarter.
During August, growth in the services industry helped to offset a decline in the goods industry.
Retail, wholesale trade, agriculture, and the public sector all grew in August while construction,
manufacturing and mining, and oil and gas declined, said Statistics Canada.
Statistics Canada’s preliminary estimate indicates that Canada’s GDP also grew by 0.1% in
September.
The latest data clearly shows that Canada’s economy is slowing following a series of aggressive
interest hikes by the Bank of Canada aimed at lowering inflation that has been running at a 30-
year high.
Last week, Canada’s central bank heightened concerns of a recession, forecasting that the
economy will contract toward the end of the year and into 2023.
