Canada's economy stalls in July

By Ovunc Kutlu

ISTANBUL (AA) – Canada's economy stalled in July compared to the previous month, as real gross domestic product "essentially unchanged," the Statistics Canada said Friday.

The market expectation for the figure was to show an increase of 0.1%, while the North American country saw its economy contracting 0.2% in June.

The statistical agency said the service sector expanded 0.1% in July, but goods producing industries contracted 0.3%, noting nine of 20 industrial sectors posted increases overall.

The manufacturing sector had the largest negative contribution in July by contracting 1.5% – its largest since April 2021, according the agency.

"Durable manufacturing, down for the fourth time in five months in July, contracted the most since July 2021 due to broad-based declines across the subsectors," said the statement.