Stats Can Says July GDP Better Than Flash Estimate; Releases August Flash Estimate

Statistics Canada today released the July GDP figures. While their flash estimate called for a decline of 0.7%, the actual decrease was only 0.1%; 13 of 20 industrial sectors showed increases, led by accommodation and food services. Construction fell by 0.9%, due largely to a decline in residential building construction. Non-residential construction, by contrast, was up 0.5%, with an increase in institutional building construction more than offsetting drops in commercial and industrial construction. StatsCan's flash estimate for August calls for a 0.7% increase in real GDP. The full announcement is available here.