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Canada GDP stalls in July before August estimate signals mild rebound

Statistics Canada said July real GDP was essentially flat after a revised 0.4% gain in June, and it noted sector moves were mixed rather than broadly weak.

Reported · Written up by our desk · EM Currencies

Canada’s economy lost momentum in July, with real GDP essentially unchanged after a revised 0.4% increase in June, according to Statistics Canada as cited by Action Forex.

Action Forex reported that both goods-producing and services-producing industries were broadly unchanged, with 10 of 20 sectors expanding, as construction and utilities gains offset declines in areas including manufacturing, mining and retail.

Construction rose 1.3%, extending its expansion to a fourth straight month, with non-residential building construction up 2.9% and residential construction up 0.9%, while utilities increased 1.7%.

Those advances were offset by a 0.9% contraction in manufacturing, including a 5.7% drop in petroleum and coal products, along with declines in mining, quarrying and oil and gas extraction, and weakness in retail trade and wholesale trade, Action Forex added.

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