Canada’s GDP Little Changed on Oil and Gas Production

Canada’s gross domestic product was little changed in July as a drop in oil and gas production offset gains in manufacturing.

Output remained close to an annualized C$1.63 trillion ($1.46 trillion) in July following six monthly increases, Statistics Canada said today in Ottawa. The median forecast in a Bloomberg economist survey with 14 responses was for output to expand 0.3 percent.

The report supports Bank of Canada Governor Stephen Poloz, who said this month more time is needed to assess early recovery signs. Poloz held the central bank’s benchmark rate on overnight loans between commercial banks at 1 percent and said a recent jump in exports must be sustained before it triggers the business investment needed to bring the economy to full capacity over the next two years.

Bloomberg

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