Canadian Growth Spurt Stalls With GDP Unchanged in July
- Slowing housing market was among the biggest drags on economy
- Motor vehicle manufacturing was down 13.5 percent in July
The city skyline is seen from a condominium under construction in Toronto, Ontario, Canada, on Tuesday, June 25 2013. Canada’s housing agency further trimmed its forecast for housing starts this year amid modest economic and employment growth.
Photographer: Brent Lewin/Bloomberg/BloombergCanada’s economy showed signs of cooling in July, in line with expectations the nation’s expansion would return to more sustainable levels after recording some of the fastest growth in decades.
Gross domestic product was little changed from the prior month, Statistics Canada said Friday from Ottawa, ending an eight-month string of gains. Economists had forecast a 0.1 percent increase, according to a Bloomberg survey. Slumping oil and automobile production and a slowing housing market were among the biggest drags on growth.