Ottawa: Canada’s gross domestic product edged up 0.1% in July from the previous month, led by growth in goods-producing industries.
Statistics Canada reported on Thursday that growth in goods-producing industries (+0.5%) was partially offset by a reduction in services-producing industries (-0.1%), with 11 of 20 industrial sectors growing in July.
Oilsands extraction hiked 5.1 per cent in July on higher output. The manufacturing sector contracted 0.5% in July, the third decline in the past four months, as a rise in non-durable goods manufacturing was over offset by a slump in durable goods manufacturing since January.
Statistics Canada in a statement said that advance information indicates that real GDP was essentially unchanged in August. Increases in retail and wholesale trade, and in agriculture, forestry, fishing, and hunting were offset by reduces in manufacturing and oil and gas extraction.
The agriculture, forestry, fishing and hunting sector rose 3.2% in July, driven by an increase in crop production. The Statistics Canda on October 28 will release the official GDP data for August.