Canada’s monthly GDP recovered in July after three consecutive months of contraction, recording growth of 0.2 percent, supported by strength in the mining, manufacturing, and wholesale trade sectors.
The Canadian economy had shrunk by 1.6 percent year-on-year in the second quarter, prompting economists to closely monitor July’s data to assess whether the contraction would extend into the third quarter. The Canadian economy has experienced a marked slowdown in recent months after a strong start to the year, as US tariffs hurt vital sectors and led to reduced corporate investment, raising concerns about the slowdown spreading to other sectors.
