Canada’s economy stalled in July with 0% growth, StatCan says

Statistics Canada revealed that Canada's economy registered no growth in July, according to the latest figures. The agency noted that this stagnation followed a robust performance in the second quarter. Despite a 1.3% increase in the construction sector, which experienced its fourth consecutive month of growth, the overall growth remained flat.

The Utilities sector reported a surge in electricity generation, transmission, and distribution, marking its strongest month of growth all year. Conversely, declines in other sectors were observed, including manufacturing, mining, quarrying, oil and gas extraction, and retail and wholesale trade.

StatCan had initially projected an annualized growth rate of 3.3% for the second quarter. However, the agency's estimates for the third quarter anticipate a mere 0.2% increase in August, though these early figures are expected to be revised in the following month.