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- Canadian GDP grew 0.2% in July
Canadian GDP grew 0.2% in July
Real gross domestic product (GDP) grew 0.2% in July after essentially no change in June. This increase was concentrated as 12 of 20 sectors were up, led by growth in manufacturing, wholesale trade, utilities and transportation and warehousing.
The output of goods-producing industries expanded 0.3% after edging down in June, while services-producing industries were up 0.2%.
The manufacturing sector was up 1.2% in July, its strongest growth since November 2017, as output of both non-durable and durable manufacturing rose.
Non-durable manufacturing expanded 2.4% in July, the highest monthly growth in four years, as six of nine subsectors increased. Increases in chemical (+5.5%) and petroleum and coal products (+7.6%) manufacturing were driven by a ramp-up in production following shutdowns for maintenance and retooling at some facilities earlier in 2018.
Durable manufacturing rose 0.3% as 7 of 10 subsectors grew. Wood products (+2.1%), fabricated metal products (+1.1%) and machinery manufacturing (+0.8%) led the increase, while declines in furniture and related products (-5.2%) and miscellaneous manufacturing (-4.7%) offset some of the growth.
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