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Statistics Canada says real gross domestic product grew 0.2 per cent in July, following essentially no change in June, helped by strength in the retail trade sector.
The largest contributor to economic growth in July was retail sector, says StatsCanThe Canadian Press
· Posted: Sep 27, 2024 11:13 AM EDT | Last Updated: September 27
Canada’s economic growth is mostly holding steady, with a 0.2 per cent growth in GDP in July, according to Statistics Canada. (Paige Taylor White/The Canadian Press)Statistics Canada says real gross domestic product grew 0.2 per cent in July, following essentially no change in June, helped by strength in the retail trade sector.
The agency says the growth came as services-producing industries grew 0.2 per cent for the month.
The retail trade sector was the largest contributor to overall growth in July as it gained one per cent, helped by the motor vehicles and parts dealers subsector, which gained 2.8 per cent.
The public sector aggregate, which includes the educational services, health care and social assistance, and public administration sectors, gained 0.3 per cent, while the finance and insurance sector rose 0.5 per cent.
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Meanwhile, goods-producing industries gained 0.1 per cent in July, as the utilities sector rose 1.3 per cent and the manufacturing sector grew 0.3 per cent.
StatsCan’s early estimate for August suggests real GDP for the month was essentially unchanged, as increases in oil and gas extraction and the public sector were offset by decreases in manufacturing and transportation and warehousing.