Canada: GDP growth slows in June
August 29, 2014
GDP increased a seasonally-adjusted 0.3% over the previous month in June, which was below the expansion recorded in May. The reading came in slightly above market expectations of a 0.2% rise. According to Statistics Canada, the result was driven by an increase in mining and oil and gas extraction, which was contrasted by a fall in manufacturing compared to May.
On an annual basis, GDP rose 3.1% in June—the highest growth rate since September 2011. The overall trend also increased in June with annual average variation in GDP increasing from May’s 2.2% expansion to 2.4%.