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Sep 29, 2023 6:17 PM - Connect News

Statistics Canada: Canada's GDP flat during July

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The service sector expanded marginally while the goods-manufacturing industry recorded a contraction.(Photo: The Canadian Press)

On Friday, Statistics Canada released new GDP data, which showed that Canada's GDP was unchanged during July.

The service sector expanded marginally while the goods-manufacturing industry recorded a contraction.

The manufacturing sector shrank by 1.5%.

Agriculture and forestry, transport and warehousing, retail and professional services also declined.

Recording a boom in the mining and oil and gas sectors, it is said that the mining sector grew by 4.2% and oil and gas extraction grew by 1.5%.

July GDP data was weaker than economists expected.

Preliminary data showed an expansion of 0.1% during August compared to expectations of 0.2%.

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