Canadian Economy Stalls in July with Flat Growth
Canada's economy experienced no growth in July, according to data released by Statistics Canada. The country's gross domestic product (GDP) was essentially unchanged after a strong second quarter for the economy.
The construction sector saw a gain of 1.3 per cent in July, marking its fourth consecutive month of growth. However, declines were noted across various sectors including manufacturing, mining, quarrying and oil and gas extraction, as well as retail and wholesale trade.
A surge in electricity generation, transmission and distribution powered the utilities sector to its strongest month of growth all year, StatCan reported. The agency's initial estimates call for growth to pick back up with a gain of 0.2 per cent in August, but those early figures will be revised next month.