New GDP numbers confirmed Canada’s financial system was flat for the second straight month in August

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The Canadian financial system is displaying clear indicators of slowing, with the full worth of all items and companies bought basically unchanged in July and August — and certain in September as nicely.

Statistics Canada says GDP was bigger in Could than it’s now

Welder at a Volkswagen-owned facility in Quebec.
A welder works on the Volvo plant in St. Clair, Que., in Could of this yr. Information from Statistics Canada signifies that the Canadian financial system has not expanded since that month. (Renault Philippe/Bloomberg)

The Canadian financial system is displaying clear indicators of slowing, with the full worth of all items and companies bought basically unchanged in July and August — and certain in September as nicely.

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Statistics Canada reported Tuesday that the nation’s gross home product was flat in August, because the companies sector expanded barely however the output of goods-producing industries contracted.

Canada’s GDP in August reached $2.082 trillion throughout the month. This barely beats simply over $2.081 trillion within the earlier month.

Remaining numbers for September usually are not but out there, however early indicators level to this pattern persevering with into September. This implies there’s a good likelihood that the Canadian financial system has not grown in any significant approach since Could.

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The info company beforehand reported that the financial system contracted within the April-June quarter, so the numbers launched Tuesday counsel the Canadian financial system has not grown for a minimum of two straight quarters.

Extra is coming.

Concerning the writer

Pete Evans is a senior enterprise author at CBCNews.ca. Earlier than coming to CBC, his work appeared within the Globe & Mail, the Monetary Submit, the Toronto Star and the Canadian Enterprise Journal. Twitter: @p_evans E mail: pete.evans@cbc.ca

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