Canada Economy Expands for Third Straight Month
Canada's economy has shown signs of growth in recent months. According to Statistics Canada, the country's real gross domestic product rose by 0.3% in June, marking a third consecutive month of expansion. This growth was driven by the services-producing industries, which increased by 0.4%, led by wholesale trade, retail trade, and public administration.
The goods-producing industries saw their aggregate decrease by 0.1%, as expansions in manufacturing and construction were offset by contractions in mining, quarrying, and oil and gas extraction and utilities. The wholesale trade sector was a notable exception, rising by 1.7% in June.
On an annualized basis, the economy grew at its fastest pace in over three years in the second quarter, according to Statistics Canada. Exports surged last quarter due in part to auto production accelerating after faltering for six months. Business capital investment also saw a rebound, increasing by 2.3%.