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How did Canada’s economy do in July? Statistics Canada to share GDP data – National


Statistics Canada will say Friday morning how the Canadian economy fared in July.

On the finish of August, the company stated its preliminary estimate for July confirmed a contraction of 0.4 per cent in actual gross home product, regardless of an easing of public well being restrictions.

The preliminary estimate put complete financial exercise in July about two per cent beneath pre-pandemic ranges recorded in February 2020.

Learn extra:
Canada’s inflation rate reached 4.1% in August, highest since 2003

CIBC senior economist Royce Mendes writes that the ultimate determine for July is prone to be higher than the preliminary estimate as a rebound in service-sector exercise probably offset weak point in different areas of the economic system.

The statistics company can be anticipated to offer a primary look on the GDP determine for August.

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Royal Financial institution senior economist Nathan Janzen writes that the August estimate ought to look higher than July’s determine, pointing to an extra restoration in spending for the month on high-contact companies like eating places and resorts.


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