Canada: Growth bounces back in July
Economic growth came in at 0.2% in monthly terms in July, on the heels of an essentially flat reading in June. July’s print overshot analysts’ expectations. According to Statistics Canada, a majority of sectors notched improvement, with goods-producing industries only narrowly outpacing services-producing ones. On the goods-producing side, output gains in the manufacturing and utilities sectors offset losses in the extractives sector.
On an annual basis, growth was stable from June at 2.4%. Meanwhile, annual average growth dipped to 3.0% from 3.1% a month earlier.