OTTAWA — The Canadian economy remained flat in August and a preliminary estimate from Statistics Canada suggests it shrank in the third quarter.
The federal agency released Tuesday its August gross domestic product report, which found higher interest rates, inflation, forest fires and drought conditions continued to weigh on the economy.
For the third quarter, Statistics Canada's preliminary estimate suggested the economy shrank at an annualized rate of 0.1 per cent, which would follow a contraction in the second quarter. Among the industries that experienced growth are wholesale trade and mining, quarrying, oil and gas extraction.
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