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November 05, 2018

Canada's gross domestic product edged up 0.1% in August

Statistics Canada announced that the country's gross domestic product increased for a seventh consecutive month, edging up 0.1% in August. Growth was concentrated in oil and gas extraction and finance and insurance, which more than offset declines in 12 of 20 industrial sectors.

According to the Federal agency, the output of services-producing industries edged up 0.1%, while output was essentially unchanged for goods-producing industries.

The mining, quarrying and oil and gas extraction sector posted the largest increase in activity in August, rising 0.9% to nearly offset the declines in the two previous months.

Transportation and warehousing was down 0.5% in August, following six months of growth, as the majority of subsectors declined. Rail transportation decreased 3.8% due to lower rail movement of petroleum, chemicals, metals and minerals, automotive products and intermodal freight. Trucking (-0.5%), water transportation (-1.0%) and support activities for transportation (-0.7%) declined, while pipeline transportation grew 0.6%. Warehousing and storage (+2.9%) was up for the fifth month in a row.