Canada’s economy took a surprise step backward in August, the latest and strongest evidence yet that the growth surge of the first half of the year has given way to a much more stunted second half.
Statistics Canada reported Tuesday that real gross domestic product fell 0.1 per cent in August from July on a seasonally adjusted basis, the first decline in 10 months. The reading disappointed economists, who had estimated that the economy had eked out modest growth of 0.1 per cent in the month.
The dip comes on the heels a July GDP report that showed essentially no change. Taken together, the two months paint a picture of an economy catching its breath after a blistering few months of growth. GDP expanded at a 4.5-per-cent annualized rate in the second quarter, the strongest quarter in nearly six years.
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