CANADA: GDP STALLS IN JULY VS. 0.1% EXPANSION EXPECTED
Canadian economy stalled in July after a 0.2% contraction in June.
USD/CAD stays around 1.3425 after the data.
Canada's real Gross Domestic Product (GDP) "was essentially unchanged in July, following a 0.2% decline in June", Statistics Canada reported on Friday. This reading came in worse than the market expectation for an expansion of 0.1%.
The reports added that "certain sectors impacted by wildfires in June bounce back in July" and highlighted that manufacturing declined for a second consecutive month.
The advance estimate for real GDP for August 2023 indicates that real GDP edged up 0.1% in August. The following GDP report will be released on October 31.
Key takeaways from the report:
Services-producing industries edged up 0.1% in the month, while goods-producing industries contracted 0.3%. Overall, 9 of 20 industrial sectors posted increases.
The manufacturing sector (-1.5%) had the largest negative contribution in July, its largest since April 2021. This was the second consecutive monthly contraction for the sector. The July 2023 decline largely stems from lower inventory formation.
Advance information indicates that real GDP edged up 0.1% in August. Increases in the wholesale trade and finance and insurance sectors were partly offset by decreases in the retail trade and oil and gas extraction sectors
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.