Canada's GDP almost unchanged in July

Canada's GDP almost unchanged in July

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Real gross domestic product (GDP) rose 0.1% in July 2022, after posting a similar increase in June (+0.1%), according to Statistics Canada data released Thursday . 

Goods-producing industries rose 0.5% in July, while service-producing industries fell slightly (-0.1%). According to Statistics Canada, 11 of 20 industries posted growth.

Mining, quarrying, and oil and gas extraction grew by 1.9% in July, after registering slight declines in the previous two months.

The agriculture, forestry, fishing and hunting sector also recorded an increase (+3.2%) in July.

Conversely, the manufacturing sector fell 0.5% in July. This is the third decline in four months, said Statistics Canada. Wholesale trade also fell (-0.7%) in July, down for the fifth time in six months.

For its part, the retail trade sector fell by 1. 9% in July to finally settle at its lowest level since December 2021.

The accommodation and food services sector fell 1% in the same month. “This is the first decline since January, when the level of activity in the sector declined due to the Omicron variant of COVID-19,” Statistics Canada noted.

“The information Forecasts indicate that real GDP remained essentially unchanged in August. Increases in the retail and wholesale trade and agriculture, forestry, fishing and hunting sectors were offset by declines in the manufacturing sector and the subsector of oil and gas extraction,” the federal agency added.