Business News - Canada's GDP nudged down in August

ArcaMax Publishing > Business News

Your email address is safe with us. View our Privacy policy.

Free Financial Tools:

Start planning your financial future with our free financial tools & calculators.

The Funnies:

Get free jokes, comics, and more! See them all on
our funnies page

Games:

Fun online games, quizzes, hangman and more on the games page

Canada's GDP nudged down in August

OTTAWA (UPI) -- Declines in Canada's oil and gas extraction industry led to a 0.1 percent dip in the national gross domestic product in August, Statistics Canada said Friday.

"Oil and gas extraction fell 2.3 percent in August, as maintenance work at some crude petroleum facilities on the East Coast slowed production," the agency said.

Production in the mining sector was down 1.4 percent, although within the sector iron ore mining was up 44 percent, the report said.

Manufacturing activity decreased 0.7 percent, with 8 of the 21 major groups declining.

The volume of wholesaling declined 0.5 percent in, reflecting the weakness in foreign demand based on the Canadian dollar's high value. Retail trade increased 0.3 percent.

"Construction advanced 0.2 percent in August, the first increase since October 2008," the report said. Residential alterations and improvement work also advanced, likely a result of a new federal tax credit created as an economic stimulus.

Copyright 2009 by United Press International

This news arrived on: 11/02/2009

Share this Story