Highlights of the Canadian July report on GDP:
- In June, GDP rose 0.3% (unrevised)
- In June, GDP rose 3.1% y/y (unrevised)
Canadian GDP stalled in July after six consecutive monthly gains. A drop in oil and gas production offset gains in manufacturing. Oil and gas extraction fell 1.6% and energy “support activities” were down 0.9%. Manufacturing rose 1%.
For the Bank of Canada, this report is better than it looks at first blush. Oil and gas production has its hiccups but signs of a strengthening manufacturing show that hopes for a pickup are getting some traction.
