In July, Real GDP in Canada Increased by 0.2% According to Statistics Canada

September 27, 2024 TruthUSA

Statistics Canada reports that real gross domestic product (GDP) increased by 0.2 percent in July, following a negligible change in June. This growth was primarily driven by a strong performance in the retail trade sector.

The agency highlights that the growth was fueled by a 0.2 percent increase in services-producing industries during the month.

Notably, the retail trade sector significantly contributed to the overall growth in July, with a notable 1 percent gain. This growth was supported by a 2.8 percent increase in the motor vehicles and parts dealers subsector.

In terms of specific sectors, the public sector aggregate, which includes educational services, health care and social assistance, and public administration, experienced a 0.3 percent growth, while the finance and insurance sector saw a 0.5 percent rise.

On the other hand, goods-producing industries grew by 0.1 percent in July, with the utilities sector rising by 1.3 percent and the manufacturing sector expanding by 0.3 percent.

Looking ahead, Statistics Canada’s preliminary estimate for August suggests that real GDP remained relatively unchanged for the month. This stability was due to increases in oil and gas extraction and the public sector offset by declines in manufacturing and transportation and warehousing.