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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.

According to its July Monetary Policy Report, the Central Bank projects that the economy will grow 1.1% in 2015 and 2.3% in 2016. FocusEconomics Consensus Forecast panelists expect the economy to grow 1.3% in 2015, which is down 0.2 percentage points from last month’s estimate. For 2016, the panel expects the economy to expand 2.1%.


Author:, Economist

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Canada Monthly GDP July 2015 1

Note: Month-on-month changes of seasonally-adjusted GDP and year-on-year variation in %.
Source: Statistics Canada (SC) and FocusEconomics calculations.


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