Statistics Canada announced on Wednesday that the country’s gross domestic product (GDP) grew 3.0 percent m-o-m in July, following a 6.5 percent m-o-m advance in June.

This was in line with economists’ forecast for a 3.0 percent m-o-m growth and marked the third consecutive monthly gain. However, overall economic activity was about 6 percent below February's pre-pandemic level.

According to the report, both goods-producing (+3.2 percent m-o-m) and services-producing (+3 percent m-o-m) industries were up as all 20 industrial sectors recorded gains in output, with the agriculture, utilities, finance and insurance as well as real estate rental and leasing sectors surpassing their February pre-pandemic levels, and joining retail trade which did so in June.