Canada’s economic growth flat in July amid oil and gas shutdowns
Statistics Canada says the country’s real gross domestic product was essentially unchanged in July as weakness in oil and gas extraction offset gains in service industries. Economists had expected growth of 0.1 per cent, according to financial markets data firm Refinitiv.
The flat reading for the month came as goods-producing industries fell 0.7 per cent for the month. The mining, quarrying, and oil and gas extraction sector pulled back 3.5 per cent in the month, the largest decrease in the industry since May 2016. Oil and gas extraction fell 3.0 per cent in July due in large part to a shutdown of some of Newfoundland and Labrador’s offshore production facilities for a large part of the month as a result of maintenance issues.
On the other hand, Stastics Canada says the services-producing industries rose 0.3 per cent.