October 31, 2019 / 12:47 PM / a month ago

UPDATE 1-Canada's GDP gains 0.1% in August as manufacturing rebounds

OTTAWA, Oct 31 (Reuters) - Canada’s economy gained 0.1% in August thanks to a rebound in manufacturing and an uptick in services-producing industries, Statistics Canada data showed on Thursday.

Analysts in a Reuters poll had predicted an increase of 0.2% in August following no change in July. Overall, 14 of the 20 industrial sectors monitored expanded on the month, while six declined, the national statistics agency said.

Thursday’s data comes after the Bank of Canada, which has sat on the sidelines since October 2018, held interest rates steady as expected on Wednesday, but revised its domestic and global growth forecasts down in light of uncertainty around international trade conflicts.

Statistics Canada said goods-producing industries were up 0.2% in August following two months of declines, while services-producing sectors rose 0.1%.

Canada’s manufacturing sector grew by 0.5% in August, largely because of increased sales, after stagnating in July. Durable manufacturing, official data showed, rose 1.0%, while non-durable manufacturing declined by 0.2%.

Meanwhile, the professional, scientific and technical sector, which has seen the second-largest growth in employment since the start of this year, continued to make gains, rising 0.7% in August. The category has not recorded a decline in growth since January 2018.

Reporting by Kelsey Johnson, Editing by Dale Smith and Bernadette Baum

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below