Canada’s economy continues rebound

The economy grew in July by 0.5 percent, beating estimates

September 30, 2016
The Canadian Press
The Canadian Press

OTTAWA—Statistics Canada reports the economy grew 0.5 percent in July, the second month of recovery from a significant decline in May and a better showing than many economists predicted.

July’s growth was led by the mining, oil and gas extraction sector, which was up 3.9 percent from June.

That included a 19 percent increase in non-conventional oil extraction, as oilsands production returned to normal levels after the wildfires in Fort McMurray, Alta.

The output of goods-producing industries overall rose 1.0 percent in July while output from service-producing industries advanced 0.3 percent.

The figures indicate that Canada’s economy began the third quarter on solid footing after it experienced a significant contraction in the second quarter.

The Statistics Canada report was also stronger than a general estimate from economists, who had forecast growth of 0.3 per cent, according to Thomson Reuters.