Investing.com - Canada's economy contracted unexpectedly in August, following modest 0.2% growth in July, official data showed on Wednesday.
In a report, Statistics Canada said gross domestic product contracted by a seasonally adjusted 0.1% in August, defying expectations for growth of 0.2%.
Canada’s economy grew by 0.2% in July.
Canada’s gross domestic product expanded at an annualized rate of 1.2% in August, disappointing expectations for a 1.7% increase, following growth of 1.9% in the preceding month.
Following the release of the data, the Canadian dollar erased gains against its U.S. counterpart to trade little changed, with USD/CAD easing up 0.01% to trade at 0.9995.
In a report, Statistics Canada said gross domestic product contracted by a seasonally adjusted 0.1% in August, defying expectations for growth of 0.2%.
Canada’s economy grew by 0.2% in July.
Canada’s gross domestic product expanded at an annualized rate of 1.2% in August, disappointing expectations for a 1.7% increase, following growth of 1.9% in the preceding month.
Following the release of the data, the Canadian dollar erased gains against its U.S. counterpart to trade little changed, with USD/CAD easing up 0.01% to trade at 0.9995.