Canada's Economy Grinds to a Halt as Growth Slows

The Canadian economy experienced its slowest growth in July since May, according to Statistics Canada. The GDP grew by just 0.2% in July, down from 1.3% in June.

This reflects a broader volatility in the economy, said an economist, with some sectors experiencing declines while others showed gains.

The construction sector was one of the few bright spots, growing by 1.3% for its fourth consecutive month of growth. The utilities sector also experienced a strong gain, with electricity generation, transmission and distribution up 1.7%, driven in part by a heat wave that increased power demands across the country.

However, manufacturing, mining, quarrying and oil and gas extraction all declined in July, as did retail and wholesale trade.