Canada GDP for July 0.2% versus 0.1% expected

• Prior month 0.0%
• Real GDP increased by 0.2% in July, following no change in June.
• Services-producing industries grew 0.2%, led by retail trade, public sector, and finance and insurance.
• Goods-producing industries edged up 0.1%, with utilities and manufacturing driving growth.
• 13 of 20 sectors expanded in July, despite negative impacts from wildfires on transportation, warehousing, and accommodation services.

For August, the advanced estimates:

• Advance information indicates that real GDP was essentially unchanged in August. Increases in oil and gas extraction and the public sector were offset by decreases in manufacturing and transportation and warehousing. Owing to its preliminary nature, this estimate will be updated on October 31, 2024, with the release of the official GDP by industry data for August.

This article was written by Greg Michalowski at www.forexlive.com.