Canada: GDP growth inches down in July
September 30, 2015
In July, GDP grew 0.3% over the previous month in seasonally adjusted terms. The tally was down from the 0.4% expansion registered in June, but overshot market expectations of a 0.2% increase. The reading marks the second consecutive month of growth after having contracted for January through May. The mining, quarrying and oil and gas extraction sector expanded and was the driving force behind both June and July’s expansions. Growth in the manufacturing sector also contributed to July’s result.
On an annual basis, GDP rose 0.8% in July, which was slightly above June’s 0.5% increase. The overall trend slid down slightly as the annual average variation in GDP fell from 1.9% in June to 1.8% in July.
Author: Robert Hill, Economist