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.