Forexpros – Canada’s economy expanded more-than-expected in August, official data showed on Monday.
In a report, Statistics Canada said gross domestic product rose by a seasonally adjusted 0.3% in August, beating expectations for a 0.2% increase.
July’s figure was revised up to a 0.4% gain from a previously reported 0.3% rise.
Canada’s economy grew at an annualized rate of 2.4% in August, outstripping expectations for a 2.2% increase. The previous month’s figure was revised up to a 2.4% gain from a previously reported 2.3%.
The energy sector accounted for most of the increase in August. Excluding the energy sector, real GDP was unchanged.
Growth was also recorded in the finance and insurance sector, retail trade and construction. Conversely, wholesale trade, manufacturing, utilities, and some tourism-related industries declined.
Following the release of the data, the Canadian dollar remained lower against its U.S. counterpart, with USD/CAD rising 0.55% to trade at 0.9973.
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