Canadian GDP grows slightly in July
Analysts polled by Reuters had forecast GDP would fall 0.1 per cent in July from June. Statistics Canada said growth in goods-producing industries more than offset the first decline in services-producing industries since January.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
Demand for Canadian wheat has increased since Russia’s invasion of Ukraine, which Russia calls a special military operation, helping push up export volumes. The retail trade sector contracted sharply in July, falling to its lowest level since December 2021, led down by a 7.1 per cent decline in output at gasoline stations, Statistics Canada said.Still, the decline in retail trade most likely reversed in August, Statistics Canada noted in its flash estimate.
Accommodation and food services also contracted in July, again the first decline since January, driven by less activity at bars and restaurants. The Canadian dollar was trading 0.7 per cent lower at $1.3695 to the greenback, or 73.02 U.S. cents, giving back much of its previous day’s gains.
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