Canadian economy grows 1.2 percent in August

Source: Xinhua| 2020-10-31 03:09:36|Editor: huaxia

OTTAWA, Oct. 30 (Xinhua) -- Canada's gross domestic product (GDP) rose 1.2 percent in August, following the growth of 3.1 percent in July, according to Statistics Canada on Friday.

This fourth consecutive monthly rise continued to offset the record plunge in Canadian economic activity in March and April.

However, overall economic activity was still about 5 percent below the pre-COVID-19 pandemic level in February.

The goods-producing industry climbed 0.5 percent and services-producing sector rose 1.5 percent as 15 of 20 industrial sectors posted increases and two were essentially unchanged in August.

August saw healthy increases in the public sector, especially in education, professional services, manufacturing and construction, while accommodation and food services, the hardest-hit sectors by the pandemic, also continued their recovery, though at a much slower pace.

But the mining, quarrying and oil and gas extraction sector fell 1.7 percent in August.

Statistics Canada predicted that the economy would rise about 0.7 percent in September as the manufacturing, public, and mining, quarrying and oil and gas extraction sectors increased. Enditem