Economy grew 0.2 per cent in August, reinforcing expectations of rebound
OTTAWA — The economy grew by 0.2 per cent in August, Statistics Canada said Tuesday, reinforcing expectations that the country is poised for a rebound in the third quarter.
The measure of real gross domestic product in August matched the expectations of economists, according to Thomson Reuters, and it came as the July figure was revised lower to show an increase of 0.4 per cent compared with an initial reading of 0.5 per cent.
Economists noted that the results so far put the economy on track for a strong bounce back for the third quarter after contracting in the second quarter due to the wildfires in Fort McMurray, Alta.
“The increase in August GDP builds further onto the outsized gains in July and June and point to third-quarter annualized GDP growth likely increasing 3.5 per cent,” Royal Bank assistant chief economist Paul Ferley wrote in a report.