Statistics Canada says economy grew 3.0% in July
The result compared with growth of 6.5% in June
OTTAWA — Statistics Canada says real gross domestic product grew by 3% in July, matching the agency’s preliminary estimate.
The result compared with growth of 6.5% in June.
Economists on average had also expected growth of 3% 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.
Statistics Canada says the economy is still running about 6% 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 1% climb in GDP for the month.