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Statistics Canada says the Canadian GDP was virtually flat in July, citing weaknesses in oil and gas extraction offsetting gains due to ongoing shutdowns in the industry.
“Economists had expected growth of 0.1 per cent, according to financial markets data firm Refinitiv,” reports Global News.
Due to missing growth expectations, the Canadian dollar decreased in value, again, to 75.26 compared to the U.S. dollar.
As the Chronicle Herald reports, “Oil and gas extraction (except oil sands) fell 4.7%, the biggest monthly decline seen in a decade, the agency said – thanks, in large part, to a shutdown of some offshore production facilities in Newfoundland and Labrador because of maintenance issues.”
However, Josh Nye, a senior economist with RBC Economics, says that the Bank of Canada had expected that the second half of the year would experience less growth than the first.
“Today’s data are consistent with the [Bank of Canada’s] view that growth over the second half of the year is likely to be slightly slower than the first half,” said Nye.
“That gives the central bank time to be patient in assessing whether a bit more accommodation is needed to offset external headwinds.”
Other industries such as mining also saw drops in revenue, while industries such as real estate continued to see gains.