GDP edges higher, insurance sector declines in September

By The IJ Staff | November 29 2019 03:12PM

Photo: Freepik

Real gross domestic product (GDP) edged higher in recent months, increasing just 0.1 per cent in September, according to the latest Statistics Canada figures released Nov. 29. Services rose 0.2 per cent, slightly outpacing the 0.1 per cent increase in goods.

The finance and insurance sector was down 0.2 per cent in September, following six months of growth. Financial investment services, funds and other financial vehicles declined 2.3 per cent during the month, giving back almost all of the growth reported in August. Insurance carriers and related activities declined 0.8 per cent during the month.

Third quarter numbers were more positive for the industry. Finance and insurance was up one per cent compared to second quarter’s growth numbers. Household spending, meanwhile, rose 0.4 per cent after edging up from 0.1 per cent in the second quarter. Overall real GDP rose just 0.3 per cent during the quarter, following a 0.9 per cent increase posted in the second quarter of 2019. Third quarter growth was led by higher business investment and increased household spending.

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