Real GDP contracted by 0.1 per cent in August: StatsCan | iNFOnews | Thompson-Okanagan's News Source
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Real GDP contracted by 0.1 per cent in August: StatsCan

A worker assembles a Bombardier Global business jet at Bombardier's manufacturing facility in Toronto on May 29, 2012. The Canadian economic expansion came to a surprising halt in August, posting the first outward decline since February and settting the stage for the worst quarter of economic activity in more than a year. THE CANADIAN PRESS/Michelle Siu

OTTAWA - Statistics Canada says the economy shrank by 0.1 per cent in August, the first decline in real gross domestic product since February.

Analysts had expected growth of about 0.2 per cent on a month-over-month basis.

The statistics agency says goods production declined 0.5 per cent in August, mainly due to decreases in mining, oil and gas extraction and manufacturing.

There were also declines in utilities and construction, while the output of service industries was unchanged.

Increases in wholesale trade, transportation services and the public sector were offset by declines in the output of real estate agents and brokers, retail trade and the finance and insurance sector.

News from © The Canadian Press, 2012
The Canadian Press

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