Statistics Canada to release July GDP, initial estimate showed economy contracting

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

On the finish of August, the company mentioned 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 whole financial exercise in July about two per cent beneath pre-pandemic ranges recorded in February 2020.

CIBC senior economist Royce Mendes writes that the ultimate determine for July is more likely to be higher than the preliminary estimate as a rebound in service-sector exercise doubtless offset weak spot in different areas of the financial system.

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

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 providers like eating places and inns.

This report by The Canadian Press was first printed Oct. 1, 2021.

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