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Canada GDP grew 0.7% mom in Jun, to contract -0.4% mom in Jul

Canada GDP grew 0.7% mom in June, matched expectations. Total economic activity was -1.5% below February 2020’s pre-pandemic level. Overall, 15 of 20 industrial sectors were up. Services-producing industries rose 0.7% mom while goods-producing industries rose 0.9% mom.

Statistics Canada said preliminary information indicates an approximate -0.4% decline in real GDP for July. The main decreases were in manufacturing, construction and retail trade.

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