The Canadian economy grew faster than expected in July with output expanding by 0.3 per cent on a monthly basis. Growth in real GDP, as measured at the industry level, was led by gains in the mining, oil and gas sectors as well as rising output in the manufacturing and finance and insurance sectors.
Solid economic growth in July comes on the heels of very strong growth in June and generally encouraging economic data since the beginning of summer. July's GDP data also signals a high likelihood that third quarter economic growth will not just be positive, therefore breaking a string of two straight down quarters, but will register a fairly robust 2.5 per cent.
Copyright BCREA - reprinted with permission
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