Canada GDP July 2016

Canada

Canada: Monthly GDP growth rebounds in July

September 30, 2016

In July, GDP grew a strong 0.5% over the previous month in seasonally-adjusted terms. The figure followed the 0.6% increase recorded in June and overshot market expectations of a 0.3% rise. According to Statistics Canada, the reading mainly reflected an increase in the mining, oil and gas extraction sector, which includes non-conventional oil extraction, as oilsands output returned to normal levels following the Fort McMurray wildfires that forced a halt in production. Excluding energy, the data agency said July’s GDP grew by 0.1% from the previous month. In addition, both the manufacturing and services sectors expanded in July.

On an annual basis, GDP rose 1.3% in July, an acceleration from June’s 1.2% expansion. The overall trend improved with the annual average variation in GDP inching up from 1.0% in June to 1.1% in July, which marked the highest print in nine months.

According to its July Monetary Policy Report, the Central Bank projects that the economy will grow 1.3% in 2016 and 2.2% in 2017. FocusEconomics Consensus Forecast panelists expect the economy to grow 1.2% in 2016, which is unchanged from last month’s estimate. For 2017, the panel expects the economy to expand 2.0%.


Author:, Economist

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Canada Monthly GDP July 2016

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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