Economy stayed flat in August, estimate suggests economy shrank in Q3
The Canadian economy remained flat in August and a preliminary estimate from Statistics Canada suggests it shrank in the third quarter.
The federal agency released Tuesday its August gross domestic product report, which found higher interest rates, inflation, forest fires and drought conditions continued to weigh on the economy.
August marked the second consecutive month where growth remained flat, and an advance estimate suggests the economy continued that trend in September.
For the third quarter, Statistics Canada's preliminary estimate suggested the economy shrank at an annualized rate of 0.1 per cent, which would follow a contraction in the second quarter.
The report said eight out of 20 industries grew in August, while growth in services-producing sectors was offset by goods-producing sectors.
Among the industries that experienced growth are wholesale trade and mining, quarrying, oil and gas extraction.