Canada's Economy Flattens in July, Sees Bounceback in August

Canada's economic growth stagnated in July, but experts predict a rebound in August. According to Statistics Canada, the country's economy was flat in July, matching expectations and following three consecutive months of positive growth.

The manufacturing sector decreased by 0.9% in July, led by a decline in petroleum refineries which fell 6.2%. The mining, quarrying, and oil and gas extraction sectors also posted a decline of 0.5%, down for the second month in a row.

However, utilities and construction sectors grew by 1.7% and 1.3% respectively, offsetting most of the decline. In the services-producing industries, retail trade shrunk by 1% and wholesale was down 0.4% in July.

Despite this, professional, scientific, and technical services rose 0.3%, its largest monthly growth rate in 20 months. Statistics Canada also estimated that the economy is likely to post a rebound in August with a monthly growth rate of 0.2%, primarily led by higher output in mining and quarrying and retail trade.