Ekonomické zprávy
27.09.2024

Canada’s economy unexpectedly grows in July

Statistics Canada reported on Friday that the Canadian gross domestic product (GDP) grew 0.2 per cent m-o-m in July, following a downwardly revised flat m-o-m performance (from +0.1 per cent m-o-m) in the previous month. Economists had predicted no change m-o-m for July.

In y-o-y terms, the Canadian GDP expanded 1.5 per cent in July.

According to the report, both services-producing (+0.2 per cent m-o-m) and goods-producing (+0.1 per cent m-o-m) businesses underpinned the July growth. 

Overall, 13 of the 20 industrial sectors recorded gains in the reviewed period, led by utilities (+1.3 per cent m-o-m), agriculture, forestry, fishing and hunting (+0.6 per cent m-o-m), finance and insurance (+0.5 per cent m-o-m), wholesale trade (+0.4 per cent m-o-m), and public administration (+0.4 per cent m-o-m). Meanwhile, management of companies and enterprises (-3.2 per cent m-o-m), information and cultural industries (-0.7 per cent m-o-m), construction (-0.4 per cent m-o-m) and transportation and warehousing (-0.4 per cent m-o-m) posted the biggest declines.

It was also reported that preliminary data indicates that real GDP was essentially unchanged m-o-m in August, reflecting advances in oil and gas extraction and the public sector, which were offset by drops in manufacturing and transportation and warehousing.

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