Canada's GDP shows no growth in July after strong Q2 performance
Statistics Canada reports that the Canadian economy recorded zero percent growth in July, despite a 1.3% rise in construction.
According to Statistics Canada, Canada’s gross domestic product did not change in July, delivering 0% growth after a solid second-quarter performance. The construction industry added 1.3% to output, continuing a four-month streak of expansion following a difficult start to the year. The utilities sector drove the strongest monthly growth of the year, powered by a surge in electricity generation, transmission and distribution.
In contrast, manufacturing, mining, quarrying, oil and gas extraction, as well as retail and wholesale trade, all posted declines in July. The agency had previously projected an annualized 3.3% growth rate for the second quarter and now anticipates a slight 0.2% increase in August, with one outlet figures slated for revision next month.
Why it matters
Flat July growth signals a pause in Canada’s recent economic momentum, affecting policy and business planning.
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