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Canadian Economy Remains Stagnant As Manufacturing Lags (RTTNews) - Canada's economy remained sluggish in August as increased activity in the public sector and construction were offset by declines in oil extraction and manufacturing. Real gross domestic product decreased 0.1% in August after being unchanged in July, according to data released Friday morning by Statistics Canada. Economists were expecting Canada's economy to grow a modest 0.1%, as the nation attempts to emerge from the worst global economic downturn in decades. Oil and gas extraction fell 2.3% in August, as maintenance work at some crude petroleum facilities on the East Coast slowed production. The output of the mining sector excluding oil and gas extraction declined 1.4% in August. Iron ore mining rose substantially following the reopening of some mines, but temporary closures led to a drop in output for copper and nickel mines. Manufacturing activity decreased 0.7%, as a drop in primary metal products accounted for much of the overall decline in the sector. Motor vehicle production increased. |
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