Canadian economy rebounds in August

Lead by the manufacturing and energy sectors, Canada’s economy recorded 0.3% growth in August, according to Statistics Canada.

According to StatsCan, the growth was in line with economists’ forecasts for the month, after gross domestic product declined 0.1% the previous month.

“Oil and gas extraction, wholesale trade and manufacturing were the main sources of growth in August,” the federal agency said in a report released on Octboer 29. “Increases were also recorded in the finance and insurance sector, by real estate agents and brokers, in construction and retail trade. Utilities and forestry decreased while public sector output was unchanged.”

Wholesale trade increased 1.1% after three straight monthly declines. “All major sectors posted gains, with the exception of food, beverage and tobacco as well as personal and household goods,” the agency said. “The largest increases were recorded in the wholesaling of machinery and equipment and of petroleum products.”

StatsCan said mining and oil and gas extraction was up 0.5% in August, while manufacturing rose by the same level.