Led by the resource sector, Canada’s economy grew 0.3 per cent in July, according to new figures from Statistics Canada.
The expansion was broad based, StatsCan said, with the manufacturing, mining, quarrying, and oil and gas extraction, and finance and insurance sectors all showing growth.
The mining, quarrying, and oil and gas extraction sector grew by 2.9 per cent in July. Manufacturing output rose 0.6 per cent, while the finance and insurance sector rose 0.8 per cent for the month.
Canada’s economy has now expanded for two months in a row in June and July after contracting for the first five months of the year.
In a commentary released after the latest Statscan numbers for July were made public, Scotiabank noted that while it’s still early, the third quarter is currently tracking at 2.3 per cent annualized growth compared to the second quarter — well ahead of the Bank of Canada’s forecast of 1.5 per cent, and further evidence the economy might be improving. “[The] positive print for July GDP… further reinforces our understanding that the economy is turning higher into the third quarter,” Scotiabank said.
