• Canada’s economy unchanged in July

Market news

1 October 2019

Canada’s economy unchanged in July

Statistics Canada announced on Tuesday that the country’s gross domestic product (GDP) was unchanged m-o-m in July, following a 0.2 m-o-m advance in June.

That was below economists’ forecast for a 0.1 percent growth.

In y-o-y terms, the Canadian GDP rose 1.3 percent in July.

According to the report, the mining, quarrying, and oil and gas extraction sector recorded a 3.5 percent m-o-m decline in July, its largest monthly decrease since May 2016. Meanwhile, the construction sector dropped 0.7 percent m-o-m, the transportation and warehousing sector contracted 0.5 percent m-o-m and manufacturing edged down 0.1 percent m-o-m. At the same time, utilities increased 1.5 percent m-o-m in July, while the wholesale sector rose 1.1 percent m-o-m and retail trade edged up 0.1 percent m-o-m.

Overall, goods-producing industries fell 0.7 percent m-o-m, while, services-producing industries rose 0.3 percent m-o-m.

 

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