Statistics Canada says economy flat in July as oil and gas sector down
By CP Staff
Economy Manufacturing Economy manufacturing StatCanEconomists had expected growth of 0.1%.
OTTAWA _ 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%, according to financial markets data firm Refinitiv.
The flat reading for the month came as goods-producing industries fell 0.7% for the month.
The mining, quarrying, and oil and gas extraction sector pulled back 3.5% in the month, the largest decrease in the sector since May 2016.
Oil and gas extraction fell 3.0% 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.
Meanwhile, Stastics Canada says the services-producing industries rose 0.3%.
