Canada’s economy recorded essentially no growth in July, losing momentum at the beginning of the third quarter, Statistics Canada said Tuesday.
Real gross domestic product was essentially unchanged during the month, despite gains in the construction and utilities sectors.
Construction activity rose 1.3 percent in July, marking its fourth consecutive monthly increase following a difficult start to the year.
The utilities sector also recorded its strongest monthly growth of the year, driven by a surge in electricity generation, transmission and distribution.
However, those gains were offset by declines across several parts of the economy. Manufacturing contracted during the month, while mining, quarrying and oil and gas extraction also fell.
Retail and wholesale trade were among the other sectors that recorded declines in July.
This comes after a stronger second quarter for the Canadian economy as Statistics Canada previously estimated that GDP grew at an annualised rate of 3.3 percent during the April-to-June period.
Early estimates suggest economic growth could regain some momentum in August, with Statistics Canada currently projecting GDP to increase by 0.2 percent.
At The News Digital, our editors combine entertainment savvy with global reporting expertise. Expect authoritative coverage of royals, Hollywood, and trending topics, plus clear, reliable updates across science, politics, sports, and business. We keep it accurate, timely, and easy to understand, so you can stay ahead.
Source link
