Stats Can Announces Q2 2021 and June 2021 GDP, and Provides Flash Estimate for July

Statistics Canada announced today that Q2 2021 GDP fell by 0.3% compared to Q1. This is an annualized rate of decline of 1.2%. It follows three consecutive quarters of GDP growth after the Q2 2020 pandemic-related decline of 11.3%. Investment in non-residential construction increased in the quarter at an annualized rate of 1.2%. StatsCan's article is available here.

June GDP matched expectations (see below), growing by 0.7% compared to May. StatsCan reports that 15 of 20 industry subsectors posted growth in the month. Non-residential construction fell by 1.1%, led by declines in commercial and industrial construction, although institutional construction grew. Stats Can's flash estimate for July GDP calls for a 0.4% decline. You can read about it in more detail here.