Canada’s economy likely stalled by summer’s end, StatCan says

The Canadian system managed to eke retired maturation contempt the interaction of raging wildfires successful July, Statistics Canada said Friday, but aboriginal estimates for August were little rosy.

Canada’s existent gross home product was up 0.2 per cent successful July, StatCan said. That boost was owed mostly to services-producing industries successful the month, including the nationalist sector.

Wildfires were impacting respective industries successful July, however, with warehousing and proscription seeing its 2nd consecutive monthly contraction. Some obstruction proscription was forced to shutdown astatine the extremity of the period amid wildfires done Jasper National Park and the Rocky Mountains  the bureau noted.

Looking up to August, StatCan said it projected existent GDP was fundamentally unchanged successful the period acknowledgment to much declines successful manufacturing, proscription and warehousing.

The latest figures for August and July travel aft Statistics Canada reported the system grew 2.1 per cent connected an annualized ground successful the 2nd quarter.

The Bank of Canada’s latest forecasts telephone for annualized maturation of 2.8 per cent successful the 3rd quarter, but economists and the cardinal slope itself person precocious warned that existent output successful the play whitethorn extremity up softer than archetypal expected.