Canada's Economy Flatlines in July Amid Uneven Growth

Canada's economy flatlined in July, as GDP remained unchanged at 0.0% month-on-month, according to Statistics Canada's advanced estimate.

The growth was uneven, with half of industries experiencing an increase in activity. On the goods side, construction and utilities sectors saw improvements, but manufacturing and mining, quarrying, and oil and gas extraction declined.

Services sector activity was also flat, weighed down by a decline in retail trade, which contracted 1.0% month-over-month. Wholesale trade pulled back 0.4%, dragged down by weaker manufacturing activity.

The advanced estimate for August points to a 0.2% month-over-month gain, with rising activity in mining and quarrying expected to offset decreases in oil and gas extraction.