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iphone 8 case Canada surging economy took a pause in July, amid slumping oil and automobile production, and as a slowing housing market curbed construction and banking.Highlights of Canada July GDP ReportGDP was little changed, ending an eight month stretch of gains for Canada economy.
Estimates were for a 0.1 per cent increase.Oil and gas output was down 1.8 per cent, leading a 0.5 per cent drop for goods producing industries.A 2 per cent gain in wholesale output led gainers.Excluding wholesale, GDP would have been down 0.1 per cent.Key TakeawaysThe report shows the economy cooling off in the second half of the year, as most economists anticipated.Over the past year, Canada economy has been running at a pace rarely seen in the past couple of decades, including an annualized 4.5 per cent rate in the second quarter.
The above potential growth is soaking up all the remaining excess capacity in the economy, prompting the Bank of Canada to raise interest rates twice since July.Even with very little growth in August and September, Canada economy would still probably be poised to grow at a rate of 2 per cent or more in the third quarter.Monthly growth has averaged 0.4 per cent in the previous eight months, the best stretch of growth since at least 2010.Other DetailsThe figures seem to show the slump in housing has become a drag.
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