Canada’s gross domestic product unchanged in July

Statistics Canada announced that, after rising for eight consecutive months, the country’s gross domestic product (GDP) was essentially unchanged in July as 11 of 20 industrial sectors grew.

According to the Federal agency, goods-producing industries contracted 0.5%, the first decrease in five months, largely as a result of declines in mining, quarrying and oil and gas extraction and in manufacturing. Services-producing industries increased 0.2%.

The mining, quarrying, and oil and gas extraction sector contracted 1.2%, mainly due to a 1.8% decline in the oil and gas extraction subsector.

The manufacturing sector was down 0.4% in July. This sector has generally been posting increased activity since the second half of 2016.

Wholesale trade activity rose 2.0%, the highest monthly gain since September 2014 and growth was broadly-based across the sector.

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