Economy grew 3.0 per cent in July, Statistics Canada says
Posted September 30, 2020 5:39 am.
Last Updated September 30, 2020 8:04 am.
This article is more than 5 years old.
OTTAWA – Statistics Canada says real gross domestic product grew by three per cent in July from July, a tenth of a point above estimates.
The result compared with growth of 6.5 per cent in June.
Economists on average had also expected growth of three per cent for July, according to financial data firm Refinitiv.
The statistic agency’s report notes that all 20 industrial sectors it tracks posted increases in July, with agriculture, utilities, finance, insurance and real estate sectors recouping losses suffered since the start the pandemic.
July GDP was down five per cent year over year, and six per cent below the pre-pandemic level.
Canada's economy grew 3% in July from June, a tenth of a point above estimates, after June's gain of 6.5%. Statistics Canada's preliminary estimate for August is a 1% increase in gross domestic product. July GDP was down 5% y/y and 6% below the pre-pandemic level. pic.twitter.com/fQEnoVip2F
— Richard Dettman (@rwdettman) September 30, 2020
Statistics Canada says the economy is still running about six per cent below its output level in February.
The agency also says growth likely continued in August albeit at a slower pace as it provided a preliminary estimate of a one per cent climb in GDP for the month.
Richard Dettman will have more in Business at :26 and :56.
