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Thursday, October 21, 2021

Statistics Canada says GDP fell 0.1 percent in July, hitting August

OTTAWA – Statistics Canada said Friday that the economy contracted 0.1 percent in July, up from 0.6 percent in June.

The agency’s initial estimate for real GDP in July was for a contraction of 0.4 percent, despite the relaxation of public health restrictions.

Most of the sectors the agency tracked in July grew, with sectors such as agriculture and manufacturing outperforming the downturn.

Statistics Canada says grain production without marijuana has been at its lowest level since November 2007 due to a drought that has affected the production of wheat, canola and other crops.

Production fell 1.1 percent in July, while the construction sector fell 0.9 percent, the agency said, driven by the third third month of a decline in residential building activity after reaching record highs in April.

Statistics Canada says total economic activity in July was recorded at about two per cent below pre-epidemic levels in February 2020.

The agency’s initial forecast for August suggested a 0.7 percent increase for the month, which would bring total economic activity down to about one percent below the pre-epidemic level. August GDP figures will be finalized at the end of the month.

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Rois Mendes, a senior economist at CIBC, said the figures for both months were largely in line with expectations, but other figures released by Canada on Friday were looking below the GDP quarterly forecast.

The gains in July were led by the two-accommodation housing and food service sectors, which have suffered losses in the public health system, which is limited to individual services and travel.

Statistics Canada said summer weather, the potential for expanded grapes and the relaxation of public health restrictions on indoor and outdoor meals across the country boosted the sector’s profit by 12.5 per cent, marking the second consecutive month of double-digit growth.

Air travel during the July travel season.7. percent increased when fully vaccinated visitors no longer needed quarantine until July 5th.

Yet, each sector is still far below where it was just before the epidemic hit.

According to Statistics Canada, the housing and food services sector in July fell 21 percent from February 2020. percent, while aviation is about 3 percent lower than the pre-epidemic level.

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This News Originally From – The Epoch Times

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