Key facts
- Canada's economy showed no growth in August.
- GDP is projected to contract 0.1% in September.
- Third-quarter annualized growth is forecast at 1.3%, below the Bank of Canada's 2% projection.
Canada's economy showed no growth in August, with preliminary data from Statistics Canada indicating a likely contraction in September. This performance falls short of analyst expectations and the Bank of Canada's projections for the third quarter. The stagnation was attributed to a mixed performance across sectors, where gains in retail, manufacturing, and construction were offset by declines in wholesale trade, public administration, and utilities.