Canadian Real GDP Edges Higher in July
Gross domestic product by industry, July 2022
Statistics Canada (StatCan) reported today (9-29-22) that Canadian real domestic product (GDP) edged 0.1% higher in July, after recording a similar 0.1% increase in June. Growth in goods-producing industries, up 0.5%, were partially offset by declines in the services-producing industries of 0.1%. Overall, 11 of the 20 industrial sectors posted increases in July.
Wholesale trade continued its pull-back. Building materials and supplies both experienced a significant decline, contracting 2.5% in July. The decline was predominantly due to lower sales of lumber, millwork, hardware, and other building materials.
Looking at advance information, StatsCan is reporting that real GDP was essentially unchanged in August. Increases in retail and wholesale trades, as well as in agriculture, forestry, fishing, and hunting were offset by decreases in in manufacturing and oil and gas extraction. Because of the preliminary nature of the data, this information will be updated on October 28, with the release of official GDP data.
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