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Canadian GDP shrinks in August

OTTAWA, Ont. -- Data released by Statistics Canada today shows the Canadian economy contracted 0.3% in August.


OTTAWA, Ont. — Data released by Statistics Canada today shows the Canadian economy contracted 0.3% in August.

The transportation and warehousing sector felt the pinch even more, shrinking by 0.6%.

“Real gross domestic product continued the seesaw pattern observed since December 2007 with a 0.3% decline in August, partly reversing the 0.7% increase in July,” StatsCan announced. “Wholesale trade, manufacturing, and the energy sector, which were the main contributors to the July increase, all retreated in August. Some transportation industries, such as rail and truck transportation, were affected by the downturn in these sectors. Conversely, accommodation and food services advanced as did the public sector. Finance and insurance, and retail trade were unchanged.”


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