According to a Statistics Canada report released Friday, the Canadian economy grew by 0.2 percent in July, marking its first increase in four months and mainly driven by a rebound in goods-producing industries.
In July, mining and quarrying activity increased by 2.6 percent, while oil and gas extraction grew by 0.9 percent, based on the new data.
Additionally, transportation and warehousing rose 0.6% in July, following a 0.7% decline in June.
Pipeline transportation (+2.8%) led the growth, reaching its largest increase since September 2022. Expansions in crude oil and other pipeline transportation (+3.3%) along with pipeline transportation of natural gas (+2.3%) contributed to the increase, coinciding with higher exports of crude oil, bitumen, and natural gas.
The report stated, “Support activities for transportation rose 1.0% in July. This was the largest growth rate for the subsector since April 2024, reflecting in part the higher activity at the LNG Canada facility in Kitimat, which completed its first full month of operations in July. Rail transportation (+1.1%) further contributed to the increase in July, partially recouping the decline recorded in the preceding month.”
Primary metal manufacturing declined by 5.5 percent in July, with iron and steel mill manufacturing experiencing its steepest drop since April 2020 during the pandemic, contracting 19.1 percent that month.
Regarding GDP, Statistics Canada stated, “Advance information indicates that real GDP was essentially unchanged in August. Increases in wholesale trade and retail trade were offset by decreases in mining, quarrying, and oil and gas extraction, manufacturing, and transportation and warehousing. Owing to its preliminary nature, this estimate will be updated on October 31, 2025, with the release of the official GDP by industry data for August.”
By CEO NA Editorial Staff
