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October 31, 2008 - Forex Economic News
Canadian GDP contracts by 0.3% in August.
The Canadian Gross Domestic Product decreased in August according to a report by Statistics Canada released today. Canadian GDP decreased in August by 0.3 percent following 
a rise of 0.7 percent in July. August's GDP growth was better than market forecasts predicting a 0.4 percent decline for the month. Year-over-year GDP growth registered 0.6 percent increase through August.
Contributing to the GDP decline was an decrease in energy output as this sector decreased by 0.5 percent in August after increasing by 2.7 percent in July. Wholesale trade and manufacturing also contributed to the decreased GDP with contractions of 3.1 percent and 1.1 percent, respectively. Contributing positively to the GDP data were increases in agriculture, forestry, fishing & hunting and accommodation & food services which had increases by 0.3 percent and 0.8 percent, respectively.
tags: canada gdp, gross domestic product, economy
