July GDP Figures Released

Statistics Canada released the July GDP figures today. With month-over-month growth of 3%, GDP growth is slowing down. This is the thrid consecutive monthly increase in GDP, but it still leaves the economy 6% below February's pre-COVID levels. Construction activity was up by 0.6%, due to increased activity in residential and repair construction. Non-residential building fell by 3.0%. The flash estimate for August indicates a 1.0% increase in total GDP over July. You can read the release from StatsCan here.