Canada’s economy did not grow in August, Statistics Canada data showed on Wednesday, as real gross domestic product (GDP) came in at 0 per cent on a monthly basis. But advance estimates show growth picking up in September. Economists had expected the economy to be unchanged on a month-over-month basis, according to consensus estimates published by BMO Capital Markets. BMO expected GDP to increase 0.1 per cent on a monthly basis in August, a tick above consensus.

Statistics Canada said advance information indicates that real GDP increased 0.3 per cent in September.

Canada’s economy grew 0.1 per cent in July, a revision lower from the 0.2 per cent initially reported from the data agency.

The Bank of Canada cut its third quarter growth projections in its monetary policy report (MPR) released last week, from 2.8 per cent to 1.5 per cent. The central bank still expects growth to come in at 1.2 per cent in 2024.

Governor Tiff Macklem has said Canadians can expect further rate cuts to support demand and keep inflation on target if the economy evolves broadly in line with its forecasts.

More the come.

Alicja Siekierska is a senior reporter at Yahoo Finance Canada. Follow her on Twitter @alicjawithaj.

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