Canada: GDP unchanged in July
September 30, 2014
In July, GDP recorded flat growth over the previous month in seasonally-adjusted terms, which was below the 0.3% expansion recorded in June. Additionally, the reading came in below market expectations of a 0.3% rise and marked the first month without growth since December 2013. According to Statistics Canada, the result was driven by a decrease in mining and oil and gas extraction, as well as utilities. In contrast, growth in manufacturing increased compared to June.
On an annual basis, GDP rose 2.5% in July, which was below June’s 3.1% increase. The overall trend stabilized with the annual average variation in GDP remaining at June’s 2.4% rise.