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Canada’s GDP gains 0.1% in August as manufacturing rebounds


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Canada’s GDP gains 0.1% in August as manufacturing rebounds

OTTAWA — Canada’s economy gained 0.1 per cent in August thanks to a rebound in manufacturing and an uptick in services-producing industries, Statistics Canada data showed on Thursday.Analysts in a Reuters poll had predicted an increase of 0.2 per cent in August following no change in July. Overall, 14 of the 20 industrial sectors monitored…

Canada’s GDP gains 0.1% in August as manufacturing rebounds

OTTAWA — Canada’s economy gained 0.1 per cent in August thanks to a rebound in manufacturing and an uptick in services-producing industries, Statistics Canada data showed on Thursday.

Analysts in a Reuters poll had predicted an increase of 0.2 per cent in August following no change in July. Overall, 14 of the 20 industrial sectors monitored expanded on the month, while six declined, the national statistics agency said.

Thursday’s data comes after the Bank of Canada, which has sat on the sidelines since October 2018, held interest rates steady as expected on Wednesday, but revised its domestic and global growth forecasts down in light of uncertainty around international trade conflicts.

Statistics Canada said goods-producing industries were up 0.2 per cent in August following two months of declines, while services-producing sectors rose 0.1 per cent.

Canada’s manufacturing sector grew by 0.5 per cent in August, largely because of increased sales, after stagnating in July. Durable manufacturing, official data showed, rose 1.0 per cent, while non-durable manufacturing declined by 0.2 per cent.

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Meanwhile, the professional, scientific and technical sector, which has seen the second-largest growth in employment since the start of this year, continued to make gains, rising 0.7 per cent in August. The category has not recorded a decline in growth since January 2018.

© Thomson Reuters 2019

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