GDP recovers from June decline, rising 0.6% in July

Written By Unknown on Senin, 30 September 2013 | 22.39

Canada's real gross domestic product showed a strong rebound in July, rising 0.6 per cent after a 0.5 per cent decline in June, Statistics Canada reported Monday.

Production of goods rose 1.2 per cent, with construction, manufacturing, mining and oil and gas extraction all increasing.

Utilities and the agriculture and forestry sector declined but service industries were on the rise in July.

"Notable gains were recorded in wholesale and retail trade, the finance and insurance sector, and the arts and entertainment sector," Statistics Canada said. 

The construction sector began to show signs of recovery in July after suffering  a 2.1 per cent decline in June on account of the labour dispute in Quebec. The sector rose 1.9 per cent, with non-residential building construction increasing by an impressive 9.2 per cent.

A strong housing market pushed the output of real estate agents and brokers up  0.8 per cent.

Manufacturing output showed an increase of 1.1 per cent after a drop of almost that much in June.

Expansion in the potash and coal mining sector also led to strong results in mining and quarrying, which was up 3.5 per cent. A rise in drilling and rigging meant activities that support the mining and oil and gas extraction showed an overall increase of 4.7 per cent in July

Oil and gas extraction itself saw a slight uptick of 0.2 per cent as extraction of crude petroleum increased but natural gas output was on the decline.


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