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Statistics Canada says economy grew 1.2 per cent in August as pace of growth slowed

BY The Canadian Press, Oct 30, 2020 8:32 AM - REPORT AN ERROR

Statistics Canada, THE CANADIAN PRESS/Justin Tang

The pace of economic growth in Canada slowed in August as real gross domestic product grew 1.2 per cent in the month, Statistics Canada said Friday.

The rise compared with a revised 3.1 per cent gain in July, up from its initial reading for the month of 3.0 per cent.

The report came as the agency also released a preliminary estimate for a gain of 0.7 per cent in September to bring growth in the third quarter to about 10 per cent.

Economists on average had expected an increase of 0.9 per cent for August, according to financial data firm Refinitiv.

TD Bank senior economist Sri Thanabalasingam said Canada's economic recovery is losing steam as it moves into the recuperation phase, where additional gains will be harder to come by.

"We are now in a phase of the recovery that could see strong winds and dangerous tides," Thanabalasingam wrote in a report.

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