By Kim Mackrael
OTTAWA--The Canadian economy expanded in line with expectations in August as the mining, quarrying and oil and gas sector posted a third straight month of growth.
Canada's gross domestic product, or the broadest measure of goods and services produced in an economy, rose 0.2% in August from the previous month, to 1.68 trillion Canadian dollars ($1.25 trillion), Statistics Canada said Tuesday. The advance matched market expectations, according to economists at Royal Bank of Canada.
July's GDP figure was revised to show a 0.4% expansion, down from an earlier estimate of a 0.5% increase, the data agency said.
August growth was led by another monthly advance for mining, quarrying and oil and gas extraction, which rose 1.4%. Oil and gas extraction rose 0.9% in August as production in northern Alberta returned to normal following wildfires in the region earlier this year, Statistics Canada said.
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(END) Dow Jones Newswires
November 01, 2016 08:45 ET (12:45 GMT)
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