Canada GDP grew 0.2% mom in June, above expectation of 0.1% mom. That’s also the fourth consecutive month of expansion. Growth in 17 of 20 industrial sectors more than compensated for a decline in manufacturing. Goods-producing industries declined 0.2% as a result of lower manufacturing, largely offsetting the growth in May. Services-producing industries were up 0.3%.
For Q2, GDP grew 0.9% qoq, after just 0.1% growth in each of the previous two quarters. This growth was led by a 3.2% rise in export volumes, while final domestic demand edged down (-0.2%). Expressed at an annualized rate, real GDP advanced 3.7% in Q2.