GDP Slips 0.3% in August as Goods and Services Industries Face Declines

Real gross domestic product contracted 0.3% in August, indicating significant declines in goods-producing and services-producing industries, as reported by Statistics Canada.

• Statistics Canada reported a 0.3% contraction in real gross domestic product in August, nearly reversing the previous months growth.
• Goods-producing industries experienced a notable decline of 0.6% in August, marking their fifth contraction this year, with mining contributing to the downturn.
• The services-producing industries saw a slight decrease of 0.1%, their first decline in six months, primarily due to reduced activity in transportation and wholesale trade.