Canada GDP for August 0.0% vs 0.2% estimate

Prior Month 0.0%Details of the Canada GDP for the month of August:August real GDP: 0.0% MoM.

Prior 0.0%.September advance estimate: -0.1% MoM.Q3 preliminary growth indication: +0.3% QoQ, not annualized.Breadth: 9 of 20 industrial sectors expanded in August.Services-producing industries: -0.1%.Goods-producing industries: +0.1%.Key August sector details:Retail trade: +1.2%, led by motor vehicle and parts dealers.Manufacturing: +0.3%, supported by machinery and petroleum refining.Wholesale trade: -1.4%, the largest drag on growth.Public sector: -0.2%, partly reflecting the winding down of Census work.Oil and gas extraction: -1.2%, its third consecutive monthly decline.Utilities: -0.4%, weighed down by nuclear maintenance outages.Canada’s economy stalled for a second consecutive month in August, according to Statistics Canada’s gross domestic product (GDP) by industry report.

The softer detail came in the forward estimate: output is projected to have declined 0.1% in September, suggesting the economy lost momentum heading into the end of the third quarter.

The industry-based figures point to 0.3% quarterly growth in Q3, subject to confirmation in the official quarterly release.August’s flat headline masked considerable movement underneath.

Retail trade rebounded 1.2%, more than reversing July’s contraction, while machinery production and a recovery in petroleum refining supported manufacturing.

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