The Toronto skyline in Canada

Canada GDP July 2022

Canada: Economic activity growth stable in July

GDP rose 0.1% month-on-month in seasonally-adjusted terms in July (June: +0.1% mom). Looking at the details of the release, the agricultural and mining sectors grew at faster rates. In contrast, the manufacturing and services sectors contracted after having expanded in June.

On an annual basis, monthly GDP increased 4.3% in July, which was below June’s 4.6% expansion.

A flash estimate for August estimated growth at zero. Upturns in retail and wholesale trade and agriculture were offset by downturns in manufacturing and oil and gas extraction.

TD Economics’ James Orland commented on the outlook:

“Today’s GDP release surprised to the upside, with the materials sectors taking the lead on the back of high commodity prices. Though there was noticeable weakness in some consumer-facing sectors, today’s print combined with the August forecast reaffirms our tracking for the third quarter of around 1%. That’s pretty good considering the backdrop of high inflation and rapidly rising interest rates that are weighing on the economy.”

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest