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Canada July Gross Domestic Product Report (Text)

The following is the text of the July GDP report released by Statistics Canada.

Real gross domestic product grew 0.2% in July, after edging up 0.1% in June. Goods production increased 0.2% in July, on the strength of manufacturing and utilities. In contrast, mining and oil and gas extraction as well as construction declined. The output of service industries rose 0.2% in July, mainly as a result of increases in retail and wholesale trade, the finance and insurance sector, and accommodation and food services. The public sector (education, health and public administration combined) was essentially unchanged in July.

Manufacturing increases

Manufacturing grew 0.6% in July after declining 0.7% in June. Durable goods production expanded 0.7% in July, mainly as a result of increases in computer and electronics products, as well as non-metallic mineral, primary metal and fabricated metal products. However, manufacturers of machinery recorded declines. Manufacturing of non-durable goods rose 0.6%, as increases in petroleum and coal products, plastics and rubber products and chemical products more than offset decreases in printing and related support activities and paper manufacturing.

Utilities advance

Utilities grew 2.0%, the fourth consecutive monthly increase, as both electricity production and natural gas distribution advanced. Demand for electricity and natural gas was up due to warmer than usual weather and increased industrial activity.

Retail as well as wholesale trade up

Retail trade rose 0.6% in July after edging down 0.1% in June. Notable increases were recorded at motor vehicles and parts dealers, general merchandise stores, as well as health and personal care stores. In contrast, retailing activity at food and beverage stores was down.

Wholesale trade was up 0.2% in July, after declining 0.9% in June. Wholesaling of petroleum products and personal and households goods increased. Conversely, wholesaling of food, beverage and tobacco as well as machinery, equipment and supplies declined.

Mining and oil and gas extraction down

Mining and oil and gas extraction declined 0.3% in July. Oil and gas extraction decreased 0.2% in July as a decline in crude petroleum production outweighed an increase in natural gas extraction. Support activities for mining and oil and gas extraction (-2.9%) also fell, as drilling and rigging services decreased.

Pipeline transportation of crude oil and natural gas decreased, reflecting lower exports of these commodities.

Mining excluding oil and gas extraction grew 0.3% in July, as increased output at coal and metal ore mines was partly offset by decreased output at non-metallic mineral mines, in particular potash.

Finance and insurance sector activity increases

The finance and insurance sector rose 0.5% in July, the fourth consecutive monthly gain, on increased output of banks and security brokerages.

Construction edges down

Construction edged down 0.1% in July, as declines in residential building and non-residential building construction outweighed the increase in engineering construction and repair work.

The output of real estate agents and brokers declined 1.5%, down for a third consecutive month, as activity in the home resale market decreased in July.

Note to readers

The monthly gross domestic product (GDP) by industry data at basic prices are chained volume estimates with 2002 as the reference year. This means that the data for each industry and each aggregate are obtained from a chained volume index multiplied by the industry’s value added in 2002. For the 1997 to 2008 period, the monthly data are benchmarked to annually chained Fisher volume indexes of GDP obtained from the constant- price input-output tables.

For the period starting with January 2009, the data are derived by chaining a fixed-weight Laspeyres volume index to the prior period. The fixed weights are 2008 industry prices.

This approach makes the monthly GDP by industry data more comparable with the expenditure-based GDP data, chained quarterly.

All data in this release are seasonally adjusted. For more information on seasonal adjustment, see Seasonal adjustment and identifying economic trends (http://www.statcan.gc.ca/pub/11- 010-x/2010003/part-partie3-eng.htm).

Revisions

With this release of monthly GDP by industry, revisions have been made back to January 2011. For more information about monthly GDP by industry, see the National economic accounts (http://www.statcan.gc.ca/nea-cen/index-eng.htm) module on our website.

To contact the reporter on this story: Ilan Kolet in Ottawa at ikolet@bloomberg.net

To contact the editor responsible for this story: Marco Babic at mbabic@bloomberg.net

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