Canada’s real gross domestic product (GDP) saw a decline of 0.3 percent in August, and preliminary indicators suggest the economy registered little growth in the third quarter, according to a new report from Statistics Canada.
August marked the fifth decline this year for goods-producing industries, while the services sector experienced its first contraction in six months, the Oct. 31 report found.
August’s downturn largely counterbalances a 0.3 percent increase in real GDP for July, with decreases experienced in both goods-producing and services-producing industries, StatCan said. Real GDP represents a country’s overall economic production, adjusted for inflation, using the prices from a base year to offer a more precise assessment of growth over time….