CANADIAN ECONOMY GREW 0.1% IN JULY ACCORDING TO STATISTICS CANADA

Sep 29, 2022

By Jeremy Logan

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The Canadian economy grew slightly in July with the latest reading on real gross domestic product coming in higher than expected.

Statistics Canada says the economy grew by 0.1%, outperforming its preliminary estimate that pointed to a contraction of 0.1%.

The federal agency says growth in the goods-producing industries was partially offset by a decline in the services-producing industries.

Statistics Canada also notes the mining, quarrying, oil and gas sector grew by 1.9% in July, following slight declines in the two previous months.

The latest reading follows similar growth in June, when the economy expanded by 0.1%.

A preliminary estimate for August indicates real G.D.P. for that month was essentially unchanged.

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