Canada’s GDP shrank 0.1% in August

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Statistics Canada says real gross domestic product pulled back by 0.1 per cent in August, hit by declines in manufacturing and mining, quarrying and oil and gas extraction.The agency says goods-producing industries contracted by 0.7 per cent for the month, while services-producing industries edged up 0.1 per cent. Twelve of 20 sectors improved for the month, but weakness in manufacturing and mining, quarrying and oil and gas extraction more than offset the gains.READ MORE: Canada’s economy records blockbuster growth, raising chance of another rate hikeThe manufacturing sector contracted 1.0 per cent for the month as both durable and non-durable manufacturing declined. Non-durable manufacturing fell 2.0 per cent, while durable manufacturing slipped 0.1 per cent.The mining, quarrying, and oil and gas extraction sector fell 0.8 per cent in August.

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