Canada: GDP grows 0.5% in July

Ani Salama FXStreet

Canada's gross domestic product rose 0.5% in July to CAD 1.67 trillion, led by higher output in the mining, quarrying, and oil and gas extraction sector, Statistics Canada said Friday.

The rise in July followed a 0.6% increase in June, which had essentially offset an equivalent decline in May. Market expectations were for a 0.3% advance.

The output of goods-producing industries rose 1.0% in July, with mining, quarrying, and oil and gas extraction contributing the most to the gain. The output of service-producing industries advanced 0.3% in July.

Author

Ani Salama

FXStreet

Ani Salama is an Economist specialized in financial markets and statistics analysis. In 2010, she joined FXstreet where she now contributes with the news section.

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