Statistics Canada says real GDP contracted by 0.1 per cent in August
OTTAWA — The Canadian economy hit reverse in August, its first monthly pullback since October last year.
“The amazing run of amazing Canadian economic data is officially over, with growth coming back to reality in a hurry,” Bank of Montreal chief economist Doug Porter wrote in a note to clients.
Statistics Canada said Tuesday real gross domestic product fell 0.1 per cent for the month, following essentially no change in July.
Porter said the two-month lull in activity reinforces the point that “the frothy growth of the past year is over and done.”