The retail trade sector (+1.0 per cent) was the largest contributor to overall growth of Canada’s GDP in July, recording a second consecutive increase and the sector’s largest monthly growth rate since January 2023, reports Statistics Canada.
“Most subsectors expanded in July 2024 with motor vehicles and parts dealers (+2.8 per cent) contributing the most to growth, driven by higher retailing activity at new car dealers which more than offset the previous month’s decline. A contraction at gasoline stations (-1.8 per cent) tempered the overall growth in the sector,” says the federal agency.
In a recent report, StatsCan said real gross domestic product was up 0.2 per cent in July, following essentially no change in June. Despite negative impacts from wildfires on transportation and warehousing and accommodation services, the services-producing industries grew 0.2 per cent in July, driven in large part by increases in the retail trade sector, the public sector and the finance and insurance sector. Goods-producing industries edged up 0.1 per cent, with the utilities and manufacturing sectors contributing the most to growth within this aggregate. Overall, 13 of 20 sectors expanded in July.
“Advance information indicates that real GDP was essentially unchanged in August. Increases in oil and gas extraction and the public sector were offset by decreases in manufacturing and transportation and warehousing. Owing to its preliminary nature, this estimate will be updated on October 31, 2024, with the release of the official GDP by industry data for August.”
