Canada Monthly GDP MoM

Canada's GDP is expected to remain unchanged in July 2024, as increases in finance and insurance and retail trade were offset by decreases in the construction, mining, quarrying, and oil and gas extraction and wholesale trade sectors. In June 2024, the economy essentially unchanged, lower than preliminary estimates and market expectations of 0.1% growth. Goods-producing industries contracted by 0.4%, driven by declines in manufacturing and construction, partially offset by gains in utilities and agriculture. Manufacturing saw its steepest drop since December 2023, with durable goods manufacturing down 2.4%, impacted by retooling in the auto sector. The construction sector shrank for the third month, reaching its lowest since January 2021, while utilities rose 2.3% due to higher electricity and natural gas distribution. Services-producing industries increased by 0.1%, marking their third consecutive month of growth, supported by real estate, finance, and the public sector.