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Economy remained flat in August says Statistics Canada

Darpan News Desk The Canadian Press, 31 Oct, 2023 11:01 AM

Statistics Canada is reporting the economy flatlined in August as higher interest rates, inflation, forest fires and drought conditions weighed on the economy and its preliminary estimate suggests the economy shrank at an annualized rate of 0.1 per cent in the third quarter.

That would follow a contraction in the second quarter.

The report says eight out of 20 industries grew in August, including wholesale trade and mining, quarrying as well as oil and gas extraction.

Agriculture and forestry, manufacturing, retail and accommodation and food services all shrank.

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