GDP perks up

Canada’s real GDP grew 0.6% in July, rebounding from a 0.5% decline in June.

New StatsCan data finds goods production rose 1.2%, given construction, manufacturing, mining, and oil and gas extraction all increased.

Service industries also increased 0.3% in July, as most major industrial groupings registered growth.

Read: Consumer confidence inches up

Notable gains were recorded in wholesale trade (1.6%) and retail trade (0.6%), with activity thriving at food and beverage stores, and clothing stores. The finance and insurance sector (0.7%) also outperformed.

In contrast, the public sector (education, and health and public administration combined) was unchanged. Utilities (-0.4%), agriculture and the forestry sector declined.

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Read: Economy taking off training wheels, says Poloz

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.