Canada: GDP growth gathers pace in July
September 28, 2012
In July, GDP expanded a seasonally adjusted 0.2% over the previous month, which was above both June's 0.1% rise as well as market expectations of an increase of the same magnitude. According to Statistics Canada, manufacturing, utilities, retail as well as wholesale trade led the increase in July. On an annual basis, GDP expanded 1.9% in July, which was below the 2.2% increase observed in June. The trend remained stable for the third month in a row at 2.2%. The Central Bank projects the economy to grow 2.1% in 2012 and 2.3% in 2013.