Canada’s economic engine stalled in July as GDP contracted again

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The total value of all the goods and services Canada produced shrank for the third time in four months in July, a sign that the COVID-19 pandemic continues to wreak havoc on the country’s economy.

Statistics Canada reported Friday that Canada’s gross domestic product (GDP) shrank by 0.1 per cent in July.

The accommodation and food services sectors both expanded as more provinces reopened their economies after the third wave. But it wasn’t enough to offset more weakness in other parts of the economy, including agriculture, utilities, manufacturing and wholesale trade.

July’s numbers mean Canada’s economy is still two per cent smaller than it was 19 months ago before the pandemic started.

More to come.

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