Canadian GDP rises more than forecast in July
(RTTNews) - Canadian gross domestic product increased 0.7% in July after advancing 0.1% in June and retreating 0.1% in May, according to data released by Statistics Canada Tuesday morning. Analysts were expecting a modest increase of only 0.2%, but growth in the energy sector, which has been trending down during the last four quarters, gave the headline number a huge boost.
Manufacturing and wholesaling industries also contributed significantly to the advance.
Output of the energy sector increased 3.1% in July. Oil production grew following the completion of maintenance at petroleum production facilities in Eastern and Western Canada in June. Following three consecutive monthly declines, natural gas extraction was up sharply, as storage levels were being replenished.
The manufacturing sector advanced 1.3%. The increase was broadly based, with 17 of the 21 major groups posting a gain.
Wholesaling activity advanced 1.9% in July. Increases were widespread within the sector, notably in the wholesaling of automotive products. Food products wholesalers were the only sub-sector to record a decline in activity in July.
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