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Canadian GDP declines in Q3

Tan KW
Publish date: Fri, 01 Dec 2023, 08:36 AM
Tan KW
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OTTAWA, Nov. 30 -- Canada's real gross domestic product (GDP) declined 0.3 percent in the third quarter (Q3) this year, following a 0.3 percent increase in the second quarter, Statistics Canada said Thursday.

The decrease in international exports and slower inventory accumulation were partially offset by increases in government spending and housing investment. Final domestic demand increased 0.3 percent, following a similar increase in the second quarter, the national statistical agency said.

The public sector rose 0.9 percent in the third quarter, increasing for the 13th consecutive quarter and was the largest contributor to growth, in part stemming from the rebounding of activity in federal government public administration following the effect of the strike which occurred in the previous quarter, the agency noted.

According to the agency, real GDP edged up 0.1 percent in September. Goods-producing industries led the growth with a first increase in six months, while services-producing industries were essentially unchanged.

Advance information indicated that real GDP increased 0.2 percent in October. Increases in mining, quarrying, and oil and gas extraction, retail trade, and construction were partially offset by decreases in the wholesale trade sector, Statistics Canada said.


  - Xinhua


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