StatsCan Releases August GDP; Q3 Flash Estimate

Statistics Canada today released August GDP figures, showing the economy grew 1.2% month over month - a much slower pace than the 3.1% revised growth in July. The news was not so rosy for non-residential construction, which contracted a further 1.7%, with all components (industrial, commercial and institutional/governmental) being down. By contrast, residential construction grew 1.8% in the month. StatsCan also provided flash estimates for September (0.7% growth over August) and Q3 (approximately 10% growth compared to Q2, or an annualized rate of about 46%). Even with the relatively robust growth in Q3, we are still about 5% below pre-pandemic GDP levels. The release is available from StatsCan.