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- Canada’s economy shrinks slightly less than anticipated in July
Canada’s economy shrinks slightly less than anticipated in July
Statistics
Canada announced on Friday that the country’s gross domestic product (GDP) fell
0.1 percent m-o-m in July, following a revised 0.6 percent m-o-m advance in June
(originally a 0.7 percent m-o-m growth).
This was
slightly better than economists' forecast for a 0.2 percent m-o-m decline. Total
economic activity was approximately 2 percent below its pre-pandemic level.
In
y-o-y terms, the Canadian GDP grew 4.7 percent in July.
According
to the report, a decrease in goods-producing industries (-1.4 percent m-o-m) in
July more than offset an advance in services-producing industries (+0.4 percent
m-o-m).
Overall,
13 of the 20 industrial sectors were up, led by a second solid monthly advance
in the accommodation and food services sector (+12.5 percent m-o-m). These gains,
however, were more than offset by declines in agriculture (-5.5 percent m-o-m),
utilities (-4.9 percent m-o-m), manufacturing (-1.1 percent m-o-m), and
wholesale trade (-1.9 percent m-o-m).
It
was also reported that preliminary data indicates an approximate 0.7 percent
m-o-m advance in real GDP for August.
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