Statistics Canada says economy grew 3.0 per cent in July

OTTAWA — Statistics Canada says real gross domestic product grew by three per cent in July, matching the agency’s preliminary estimate.

The result compared with growth of 6.5 per cent in June.

Economists on average had also expected growth of three per cent for July, according to financial data firm Refinitiv.

The statistic agency’s report notes that all 20 industrial sectors it tracks posted increases in July, with agriculture, utilities, finance, insurance and real estate sectors recouping losses suffered since the start the pandemic.

Statistics Canada says the economy is still running about six per cent below its output level in February.

The agency also says growth likely continued in August albeit at a slower pace as it provided a preliminary estimate of a one per cent climb in GDP for the month.

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

The Canadian Press