Canada’s economy continues to recover the losses caused by COVID-19, according to new numbers from Statistics Canada.
The national agency said Friday real GDP grew by 1.2 per cent in August, down from 3.1 per cent grown in July.
It marked the fourth consecutive month of GDP increases after steep drops in March and April.
“Both goods-producing and services-producing industries were up as 15 of 20 industrial sectors posted increases and two were essentially unchanged in August,” said the agency.
Despite the continued growth in August, overall economic activity was still about five per cent below February’s pre-pandemic level.
Meanwhile, preliminary information suggests real GDP grew by one per cent in September as the manufacturing, public, and mining, quarrying and oil and gas extraction sectors increased.
“This advanced estimate points to an approximate 10% increase in real GDP in the third quarter of 2020,” said Statistics Canada.
The agency will release the final results for September and the third quarter on December 1.
Gross domestic product by industry, August 2020: Real gross domestic product (GDP) grew 1.2% in August, following a 3.1% increase in July. https://t.co/tJBDI4q9fM pic.twitter.com/mwx3956qYW
— Statistics Canada (@StatCan_eng) October 30, 2020
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