Canadian economy remains largely flat in August

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The manufacturing sector saw GDP fall for the second straight month in a 1.5% decline, while service industries inched upwards by 0.1% and goods-producing sectors dipped by 0.3%.

StatCan’s latest figures, which mark the last GDP release before the central bank reveals its next decision on interest rates on October 25, suggest that the economy has cooled substantially in the face of the Bank’s series of aggressive hikes in recent times.

Canada’s economy expanded at a clip of 2.6% in the first quarter of this year – but is now expected to grow at an annualized rate of just 0.2% in Q3 if September’s figures fall largely in line with those of the last two months.

The consumer price index (CPI), a key measure of inflation, jumped to 4% at last reading, although it has slipped well below the 39-year high of 8.1% registered last June.

 

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