GDP Slips in July

The economy went down easy in July, according to figures released Friday by Statistics Canada.

The agency reported real Gross Domestic Product fell 0.1% in July. Its initial estimate for August suggests a rise of 0.7% for the month.

StatsCan went on to say gains in services-producing industries were more than offset by declines in goods-producing industries. Overall, 13 of 20 industrial sectors were up, led by a second strong monthly increase in the accommodation and food services sector.

Total economic activity in July was approximately 2% below the pre-pandemic level of February 2020.

Because of its preliminary nature, this estimate will be revised on October 29 with the release of the official GDP data for the August reference month.