Canada’s economy shrank for a initial time in 10 months in August

Canada’s economy shrank by 0.1 per cent in Aug as declines in oil and gas and production some-more than equivalent tiny gains in a infancy of other industries.

Statistics Canada reported Tuesday that goods-producing industries engaged for a second uninterrupted month, declining 0.7 per cent.

Manufacturing was a sold soothing spot, with chemial production posting a biggest one month decrease in 20 years, and other forms of production being down given of designed upkeep shutdowns.

“The run of extraordinary Canadian mercantile information is strictly over, with expansion entrance behind to existence in hurry,” Bank of Montreal economist Doug Porter said.

The Canadian dollar mislaid about half a cent in greeting to a news, before recuperating a little. Mid-morning, a loonie was changing hands during 77.56 cents US.

Oil and gas was down for a third month in a row. “This was mostly attributable to declines in [conventional] oil and gas descent ensuing from upkeep shutdowns in Newfoundland and Labrador,” TD Bank economist Brian DePratto said.

The use sector, meanwhile, eked out a tiny benefit of 0.1 per cent. Canada’s use zone has now stretched for 17 months in a row.

It was a initial monthly contraction for a economy altogether given Oct 2016.

Article source: http://www.cbc.ca/news/business/canada-gdp-august-1.4379801?cmp=rss