Canada’s gross domestic product (GDP) grew 0.2% in July, according to data released just moments ago by Statistics Canada, following a 0.1% decline in June. This was better than expected (0.1%), as expansion in goods-producing industries supported the first growth in four months.
In detail, goods-producing industries rebounded by 0.6% in July after three months of contraction, while the oil and gas extraction sector grew by 0.9%. Growth in the transportation and storage sector rose by 0.6%, and the manufacturing sector grew by 0.7%.