Canadian Manufacturing

Statistics Canada says economy grew 1.2% August as pace of growth slowed

Economists on average had expected an increase of 0.9% for August

October 30, 2020  The Canadian Press

OTTAWA — Statistics Canada says the pace of economic growth slowed in August as real gross domestic product grew 1.2% in the month.

The rise compared with a revised 3.1% gain in July, up from its initial reading for the month of 3.0%.

Economists on average had expected an increase of 0.9% for August, according to financial data firm Refinitiv.

In a preliminary estimate, Statistics Canada says growth for September was about 0.7%.

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The growth in August came as goods-producing industries rose 0.5% and the services industries climbed 1.5%.

Statistics Canada says overall economic activity for August was still about 5% below the pre-pandemic level in February.


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