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GDP unchanged in July as oil, gas sector down: Statistics Canada

Last Updated Oct 1, 2019 at 8:05 am PDT

Statistics Canada's offices at Tunny's Pasture in Ottawa are shown on March 8, 2019. THE CANADIAN PRESS/Justin Tang
Summary

The country's real GDP was essentially unchanged in July

Statistics Canada says weakness in oil and gas extraction offset gains in service industries

The flat GDP reading for July month came as goods-producing industries fell 0.7 per cent for the month

OTTAWA – Statistics Canada says the country’s real gross domestic product was essentially unchanged in July as weakness in oil and gas extraction offset gains in service industries.

Economists had expected growth of 0.1 per cent, according to financial markets data firm Refinitiv.

The flat reading for the month came as goods-producing industries fell 0.7 per cent for the month.

The mining, quarrying, and oil and gas extraction sector pulled back 3.5 per cent in the month, the largest decrease in the sector since May 2016.

Oil and gas extraction fell 3.0 per cent in July due in large part to a shutdown of some of Newfoundland and Labrador’s offshore production facilities for a large part of the month as a result of maintenance issues.

Meanwhile, Stastics Canada says the services-producing industries rose 0.3 per cent.

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