Stagnant Growth, Coming Rebound: Canada's Economy Holds Steady in July
Canada's economic growth remained stagnant in July, according to Statistics Canada. The country's gross domestic product (GDP) growth was essentially unchanged from June, despite a strong second quarter.
The construction sector reported its fourth consecutive month of growth, driven primarily by activity around a new hospital building in Toronto. This sector saw a 1.3-per-cent gain in July.
On the other hand, declines were spread across manufacturing, mining, quarrying and oil and gas extraction, as well as retail and wholesale trade. Manufacturing's 0.9-per-cent decrease was its first drop in four months.
The utilities sector saw a 1.7-per-cent surge, powered by a July heat wave that drove up power demands for cooling.
Statscan projected an annualized growth rate of 3.3 per cent in the second quarter and estimates flat growth to start the third quarter.