Canada Monthly GDP MoM

Canada's GDP likely grew by 0.3% in September 2024, with gains in finance, insurance, construction, and retail trade, offset by declines in mining, quarrying, and oil and gas extraction. Economic growth in August, however, was stagnant, consistent with preliminary estimates and market expectations. Services-producing industries edged up 0.1%, led by finance, insurance, and public administration, while goods-producing industries fell by 0.4%, reaching their lowest level since December 2021. Manufacturing declined by 1.2%, with both durable and non-durable goods declining. Transportation and warehousing contracted by 0.3% due to rail disruptions, and utilities declined by 1.9% after three months of growth. Meanwhile, mining, quarrying, and oil and gas extraction increased by 0.6%, and the finance and insurance sector rose by 0.5%, boosted by higher trading activity amid market volatility. In total, 12 of 20 sectors expanded in August.