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Statistics Canada says economy grew 1.2 per cent in August as pace of growth slowed

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

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

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

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

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

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

This report by The Canadian Press was first published Oct. 30, 2020.

The Canadian Press

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