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Stats Canada: economy grew 0.2 percent in August

The growth was helped by resources and matched economists' expectations


November 1, 2016
The Canadian Press
The Canadian Press

OTTAWA—Statistics Canada says the economy grew by 0.2 percent in August, helped by the resource sector.

The result matched the expectations of economists, according to Thomson Reuters.

The report on August’s growth came as the July figure was revised lower to show an increase of 0.4 percent compared with an initial reading of 0.5 percent for the month.

Goods-producing industries grew 0.7 percent in August, boosted by the mining, quarrying and oil and gas extraction sector which gained 1.4 percent.

The utilities sector rose 2.4 percent driven by demand for electricity, particularly in Ontario, due to August heatwaves.

Service-producing industries were essentially unchanged for the month.

News from © Canadian Press Enterprises Inc. 2016