Statistics Canada Reporting Economic Growth in August

Friday, 28 October 2022 11:53

By Linda Morgan

The Canadian economy grew by 0.1 percent in August, thanks to gains in the service sector.

StatsCan is reporting some growth for the Canadian economy.

The agency says the GDP increased by 0.1 percent during the month of August.

Early estimates indicate a growth of 0.1 percent last month as well.

While there was growth in the service sector, there was a drop in good-producing industries.

Retail, wholesale trade and agriculture grew in August, while construction, mining and manufacturing declined.

This comes as worries of a recession grow.

The Bank of Canada predicts the economy will stall late this year into early 2023.

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