Population still outpaced GDP uptick in July: StatsCan

Statistics Canada released its latest data on the country’s real GDP, which grew 0.2 per cent in July. However, it sits at 0.87 per cent year-over-year, below the 0.94 per cent population growth.

Source: Grok

Statistics Canada released its latest data on the country’s real gross domestic product, which grew 0.2 per cent in July. However, it sits at 0.87 per cent year-over-year, below the 0.94 per cent population growth.

Private GDP is still below the population growth on a year-over-year basis, while public GDP remains above.

This is largely because the public sector has grown at a rate 50 per cent faster than the private sector since 2019.

However, public sector GDP is showing signs that it has begun to slow down on a quarter-over-quarter basis.

July marks the first increase in four months, following a 0.1 per cent decline in June. Advanced information indicates that GDP was essentially unchanged in August.

The rebound in July was primarily driven by the goods-producing industries, which saw an uptick of 0.6 per cent after suffering a three-month period of contraction.

Services-producing industries also edged up 0.1 per cent that month, with increases in wholesale trade and real estate and rental and leasing.

The real estate and rental and leasing sector saw growth, particularly in larger markets such as Ontario and British Columbia.

Overall, 11 of 20 industrial sectors expanded in July.

The mining, quarrying, and oil and gas extraction sector grew by 1.4 per cent while oil and gas expanded by 0.9 per cent.

“Oil sands extraction expanded 1.2 per cent, as oil extraction facilities continued to ramp up production of synthetic crude oil and crude bitumen extraction, following the completion of retooling and maintenance activities that took place throughout April and May,” reads the Statistics Canada report.

“Oil and gas extraction (except oil sands) rose 0.6 per cent, reflecting increased extractions of natural gas and crude petroleum in July.”

Transportation and warehousing also saw a slight rebound in July after declining in June.

Additionally, the manufacturing sector rose by 0.7 per cent in July, which partially offset its 1.5 per cent contraction in the previous month, driven by increases in both durable and non-durable manufacturing industries.