Canadian Economy Sees Flat Growth in July Amid Sectoral Resilience

The Canadian economy experienced flat growth in July, despite showing resilience in certain sectors. According to Statistics Canada, the construction sector saw its fourth consecutive month of growth, increasing by 1.3%.

This gain was driven by a surge in electricity generation, transmission and distribution, which powered the utilities sector to its strongest month of growth all year. However, declines were observed in manufacturing, mining, quarrying and oil and gas extraction, as well as retail and wholesale trade.

The flat growth in July comes after a strong second quarter for the economy, with estimates suggesting an annualized growth rate of 3.3%. Statistics Canada also projects that growth will pick back up in August, with a gain of 0.2%.