Statistics Canada announced on Friday that the country’s gross domestic product (GDP) grew 1.2 percent m-o-m in August, following a revised 3.1 percent m-o-m advance in July (originally a 3.0 percent m-o-m increase).

This was above economists’ forecast for a 0.9 percent m-o-m growth and marked the fourth consecutive monthly gain. However, overall economic activity was still about 5 percent below February's pre-pandemic level.

In y-o-y terms, the Canadian GDP fell 3.8 percent in August.

According to the report, both goods-producing (+0.5 percent m-o-m) and services-producing (+1.5 percent m-o-m) industries were up as 15 of 20 industrial sectors posted advances and two were essentially unchanged in August.