BCREA ECONOMICS NOW
GDP Growth - October 29, 2010
The Canadian economy expanded by 0.3 per cent in August, following a 0.1 per cent decline in July. Compared to August 2009, real GDP growth climbed 4.1 per cent. Wholesale trade, manufacturing, mining/oil and gas, and finance/insurance were the main drivers.
August's performance underlines Canada's positive economic growth trajectory and calms any fear that negative growth July would lead to a double-dip recession.
Also released today was the US advanced GDP estimate for the third quarter. According to the US Bureau of Economic Statistics estimate, the US economy expanded 2.0 per cent in the third quarter over the second quarter. The second quarter posted 1.7 per cent real GDP growth. The estimate points to continuing gradual improvement in the US economy led by personal comsumption, inventory investment and government spending.
SOURCE: British Columbia Real Estate Association