Canada's economic growth unchanged in July, August likely to expand 0.2%
EWC•Canada's economy was unchanged in July, with Statistics Canada's advanced estimate pointing to 0.2% growth in August. The Bank of Canada forecast annualized third-quarter growth of 1.5%.
1. July activity flat
Canada's economic growth was unchanged in July after three consecutive months of growth. Goods-producing and services-producing industries were both largely unchanged.
2. Sector changes
Manufacturing fell 0.9%, led by a 6.2% drop in petroleum refinery activity, while mining, quarrying and oil and gas extraction declined 0.5%. Utilities grew 1.7% and construction rose 1.3%. Retail trade fell 1% and wholesale trade declined 0.4%; professional, scientific and technical services rose 0.3%.
3. August estimate
Statistics Canada's advanced estimate indicated the economy was likely to grow 0.2% in August, primarily on higher output in mining and quarrying and retail trade. The Bank of Canada forecast annualized third-quarter growth of 1.5%.
