Canada’s thriving oil and gas industry helped the economy grow by 0.3 percent in August from July, confirming modest growth that is expected to keep the Bank of Canada’s key interest rate on hold for more than a year.
The monthly gross domestic product data, released by Statistics Canada on Thursday, showed the economy continues to bounce back from a downturn in June caused by severe flooding in the nation’s oil capital Calgary and a strike by construction workers in Quebec.
The economy contracted 0.5 percent in June and then unexpectedly surged by 0.6 percent in July.
The gain in August was a notch stronger than expected. Analysts in a Reuters poll had forecast, on average, a 0.2 percent expansion.
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