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- Canadian gross domestic product grows in July above expectations. USD/CAD 70 pips lower on the initial move
Canadian gross domestic product grows in July above expectations. USD/CAD 70 pips lower on the initial move
Real gross domestic product grew 0.5% in July, led by higher output in the mining, quarrying, and oil and gas extraction sector. The rise in July followed a 0.6% increase in June, which had essentially offset an equivalent decline in May.
The output of goods-producing industries rose 1.0% in July, with mining, quarrying, and oil and gas extraction contributing the most to the gain. Manufacturing, the agriculture and forestry sector, and utilities also increased, while construction decreased.
The output of service-producing industries advanced 0.3% in July. Most sectors posted increases, led by finance and insurance, transportation and warehousing, and accommodation and food services. The public sector (education, health and public administration combined) was essentially unchanged.
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