Canada’s GDP grew in July
The resources sector played the role of unlikely hero as July's results beat expectations
OTTAWA—Statistics Canada says the economy grew 0.3 per cent in July, led by the resource sector.
The mining, quarrying, and oil and gas extraction sector grew by 2.9 per cent in July.
Non-conventional oil extraction grew 9.1 per cent for the month, following a 7.0 per cent gain in June following maintenance shutdowns and production difficulties in April and May. Conventional oil and gas extraction was up 0.8 per cent in July.
Manufacturing output rose 0.6 per cent in July, while the finance and insurance sector rose 0.8 per cent for the month.
Statistics Canada also revised its result for June to show growth of 0.4 per cent compared with an initial reading of 0.5 per cent growth.
Economists had expected growth of real domestic product of 0.2 per cent during July, according to Thomson Reuters.