July GDP Growth Pauses
Canada Economy Stalls in July Before Showing Signs of August Growth
Anonymous
Canada’s GDP was essentially unchanged in July after June growth was revised up to 0.4%, marking a pause after three months of expansion. Construction rose 1.3% for a fourth consecutive month and utilities also grew, but declines in manufacturing, mining and oil and gas extraction, and retail and wholesale trade offset those gains. Statistics Canada’s preliminary estimate points to 0.2% growth in August, with gains in mining and retail partly offset by weaker oil and gas extraction. The figures suggest the economy regained some momentum after July’s stall, though growth in the third quarter is tracking below the strong pace recorded in the second quarter.
Key Points
1
Construction growth was broad-based: all subsectors advanced, led by a 2.9% rise in non-residential building construction; residential construction grew 0.9%.
2
Utilities output increased 1.7%, reaching its strongest monthly growth of the year, powered by a surge in electricity generation, transmission and distribution.
3
Services-producing industries were flat overall, with gains in professional, scientific and technical services (0.3%), real estate and rental and leasing (0.2%), and accommodation and food services (0.8%) offset by declines elsewhere.
4
Statistics Canada revised monthly GDP data back to January 2025 in the release.
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