Statistics Canada Says GDP Fell 0.1 per Cent in July, Estimates Bump in Auguston October 1, 2021 at 3:57 pm

OTTAWA—Statistics Canada said Friday the economy shrank 0.1 percent in July, following a 0.6 percent rise in June. The agency’s initial estimate for July real gross domestic product had been for a contraction of 0.4 percent despite an easing of public health restrictions. While the majority of sectors the agency tracks grew in July, declines in sectors such as agriculture and manufacturing more than offset any gains. Crop production, except cannabis, was at it lowest level since November 2007 on the back of drought conditions that Statistics Canada said hurt production of wheat, canola and other grains. Manufacturing was down 1.1 percent in July, while the construction sector fell by 0.9 percent, which the agency said was driven by a third straight month of declines in residential building activity after reaching a record high in April. Statistics Canada said total economic activity in July was about two percent below pre-pandemic …

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