Canada's economic growth unchanged in July, August likely to expand 0.2%

Canada's economic growth was flat in ​July, data showed on Tuesday, in line ​with expectations and signaling a slower ‌start to ​the third quarter after a solid growth in the prior three months quarter.

This was after three straight months of positive growth and comes ‌right before a new set of tariffs from the United States hit Canada in August. Here are the details:

- Both the goods-producing industries and services-producing industries were largely unchanged in July, Statistics Canada said. The good-producing ‌sectors contribute roughly a quarter of the gross domestic product. - Among the goods-producing industries, the ‌manufacturing sector decreased by 0.9% in July, posting its first decrease in four months. This was primary led by a decline in activity at petroleum refineries which was down 6.2% in July.

- The mining, quarrying and oil and gas extraction ⁠also posted a ​decline of 0.5%, down ⁠for the second month in a row, StatsCan said. - However, utilities and constructions sectors grew by 1.7% and 1.3% respectively, ⁠offsetting most of the decline, the statistics agency said. The construction sector rose for a fourth consecutive month.

- Among the ​services-producing industries, retail trade shrunk by 1% and wholesale was down 0.4% in July. The ⁠wholesale trade category was among the biggest contributors of growth in June. - Professional, scientific and technical services rose 0.3% in July, its ⁠largest ​monthly growth rate since in the last 20 months. Real estate, rental and leasing category grew by 0.2% in July, with real estate expanding for the sixth consecutive month.

- An advanced estimate ⁠from Statistics Canada showed that the economy was likely to post a rebound in August with a monthly ⁠growth rate of ⁠0.2%. The growth will primarily be led by higher output in mining and quarrying and retail trade, StatsCan said. - The Bank of Canada has forecast an ‌annualized growth ‌of 1.5% in the third quarter.