Statistics Canada to unveil GDP reading for July

OTTAWA — Statistics Canada will say today how the economy fared in July with expectations that it grew, albeit at a slower pace than in June.

The average economist estimate for GDP growth in July is three per cent, according to financial data firm Refinitiv.

Statistics Canada will also provide a preliminary estimate for economic growth in August in its release this morning.

The agency said last month that gross domestic product increased by 6.5 per cent in June, building on a 4.8 per cent gain in May after the plunge in March and April due to the pandemic.

The Bank of Canada and a host of experts have warned that gains likely wouldn’t be sustained at the same rate.

Statistics Canada hinted that gains may slow in July when last month it provided a preliminary estimate of a three per cent rise in GDP for the month.

This report by The Canadian Press was first published Sept. 30, 2020.

The Canadian Press