Economy Gained 3.0% in July

GDP logo

CBJ — The national economy posted a 3.0% increase in July according to figures released by Statistics Canada.

The 3% uptick of the real gross domestic product compares with the 6% gain in July and the 4.8% gain in May. Despite the smaller increase, it continues to provide positive news that the economy is continuing its rebound following a disastrous March and April due to the COVID-19 pandemic. It’s expected August’s numbers should also be in positive territory, although the figure may be about the same or less than what was recorded in July.

Manufacturing grew almost 6% in July, following a 15% increase in June. Despite the impressive figures the sector is still operating at below pre-pandemic levels.

The food services and hotel sector posted a third consecutive month of double-digit increases, jumping 20% thanks to an easing of restrictions.

Agriculture, finance, insurance, real estate and utilities also continue to show improvement.

@CanBizJournal

Recommended
Newfoundland-and-Labrador flagIBEX Reports Management Change