Economic Commentary

Economic Calendar

Global Economies

Global Economic Calendar

Canada’s GDP Unchanged In July

Canada’s gross domestic product (GDP) was unchanged in July following a 0.2% decline in June, according to Statistics Canada.

Service-producing industries rose a slight 0.1% in the month, while goods-producing industries declined 0.3%. In all, nine of 20 industrial sectors posted increases during July.

The manufacturing sector (down 1.5%) had the largest negative contribution to GDP in July, its largest since April 2021. This was the second consecutive monthly contraction for that sector.

After experiencing decreases in June due to forest fires, both mining and quarrying (except oil and gas) and accommodation and food services grew slightly in July.

Accommodation services expanded 2.6% in July as traveller accommodation and recreational vehicle (RV) parks, campgrounds, and boarding houses rose in the summer month.

However, the transportation and warehousing sector contracted 0.2% in July as six of 10 subsectors fell.

Despite the British Columbia port strike and flooding in Nova Scotia, rail transportation actually rose 1.1% in July.

Oil and gas extraction in Canada rose 1.5% in July, up for the sixth time in the last seven months, as all subsectors rose in the month.

Canada’s finance and insurance sector rose for the third consecutive month, climbing 0.3% higher in July. While real estate gained a slight 0.1% in the month.

Preliminary estimates indicate that Canada’s GDP rose 0.1% in August. Increases in the wholesale trade and finance and insurance sectors were partly offset by decreases in the retail trade and oil and gas extraction sectors during August, said Statistics Canada.