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Canada Real GDP Growth Slows to 0.5% in Second Quarter

Real gross domestic product (GDP) grew by 0.5 percent in Canada in the second quarter, after increasing by 1.4 percent in the first quarter, according to Statistics Canada. Final domestic demand advanced 0.9 percent, led by business investment in machinery and equipment. Real GDP increased by 0.2 percent in June. Consumer expenditures on goods and services, as well as business investment on residential structures, grew at a slower rate than in the first quarter.

Export and import volumes both rose, with growth in imports outpacing growth in exports for a second consecutive quarter.

Expressed at an annualized rate, real GDP grew 2 percent in the second quarter, after expanding by 5.8 percent in the first quarter. This compared with a 1.6 percent second quarter rate of increase in the US economy.

The output of the goods-producing industries rose 1.9 percent, while that of the services industries edged up 0.1 percent. This marks the third consecutive quarter in which the output of the goods-producing industries has significantly outpaced that of the services industries.

The second-quarter increase in GDP was led by mining, notably oil and gas extraction. Manufacturing also contributed to this gain as did the banking sector and the public sector (health, education, and public administration). Declines in the home resale market and in retail and wholesale trade contributed to the slower growth.

More details from Statistics Canada.

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