Canada’s economy grew by 0.1% in July, following a gain of 0.4% in June, Statistics Canada said today.
The country’s gross domestic product – the broadest measure of goods and services produced – got a boost in July from the manufacturing sector, wholesale and retail trade sectors, and financial services sector.
Meanwhile, weakness in the oil patch, construction, and travel and tourism sector held back economic expansion, StatsCan said.
Output in the Canadian manufacturing sector was up 0.3% in July following a gain of 1.6% that was driven by a surge in exports in June.
“Growth in manufacturing output was concentrated in wood products, fabricated metals, chemicals, information ad communication technologies products, and motor vehicles,” Statistics Canada said.
Construction acitivity was off for a fourth consecutive month, as residential construction was down 0.2% in July, largely due to a 3.5% decline in apartments.
Between July 2003 and the same month this year, the economy grew by 3.1%.