GDP Up Due to Oil & Gas
CBJ — The national gross domestic product was up in August, thanks largely to the performance of the oil and gas sector.
Figures released by Statistics Canada show real gross domestic product edged up 0.1% in the eighth month of the year, marking the seventh consecutive month to see an increase.
Growth in oil and gas extraction and the finance and insurance sectors helped to offset declines in 12 of the 20 industrial sectors tracked, including automotive manufacturing.
Overall, Statistics Canada says services-producing industries were up 0.1%, while goods-producing industries were essentially unchanged.
The GDP report follows the Bank of Canada’s decision last week to raise its key overnight interest rate target by a quarter of a percentage point to 1.75%, with Bank of Canada governor Stephen Poloz hinting that more increases are likely to come.