Pumpjacks pump crude oil near Halkirk, Alta., June 20, 2007. Statistis Canada says real gross domestic product was essentially unchanged in July. THE CANADIAN PRESS/Larry MacDougal

Statistics Canada says economy flat in July as oil and gas sector down

Economists had expected growth of 0.1 per cent

Statistics Canada says the country’s real gross domestic product was essentially unchanged in July as weakness in oil and gas extraction offset gains in service industries.

Economists had expected growth of 0.1 per cent, according to financial markets data firm Refinitiv.

The flat reading for the month came as goods-producing industries fell 0.7 per cent for the month.

The mining, quarrying, and oil and gas extraction sector pulled back 3.5 per cent in the month, the largest decrease in the sector since May 2016.

Oil and gas extraction fell 3.0 per cent in July due in large part to a shutdown of some of Newfoundland and Labrador’s offshore production facilities for a large part of the month as a result of maintenance issues.

Meanwhile, Statistics Canada says the services-producing industries rose 0.3 per cent.

ALSO READ: Two B.C. men seek to open class action against e-cigarette giant Juul

The Canadian Press


Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Mobile mammography service coming to Breton

Women ages 50 to 74 can get tested July 15-17 by appointment

QUIZ: Put your knowledge of Canada to the test

How much do you know about our country?

Ponoka native leaping big time into Esports

Jesse Chick joining the full time broadcast crew for Rainbow 6 Siege

‘This year is unlike any other’: Trudeau delivers Canada day address

Sophie Gregoire Trudeau and the Prime Minister release video celebrating the national holiday

Movement for Black Lives plans virtual national convention

Movement for Black Lives plans virtual national convention

Trump, top officials defend response to Russia bounty threat

Trump, top officials defend response to Russia bounty threat

Legal battle concludes for journalist charged after covering Labrador protest

Legal battle concludes for journalist charged after covering Labrador protest

Lighthizer celebrates USMCA, promises enforcement as trade deal comes into force

Lighthizer celebrates USMCA, promises enforcement as trade deal comes into force

Brazilian cowboy nears end of epic horse ride in Calgary

Brazilian cowboy nears end of epic horse ride in Calgary

N.B. anti-racism activist among those receiving Canada Day honours from GG

N.B. anti-racism activist among those receiving Canada Day honours from GG

Virtual Canada Day citizenship ceremony celebrates nurses, care workers

Virtual Canada Day citizenship ceremony celebrates nurses, care workers

Pence backs Arizona business closures in coronavirus hotspot

Pence backs Arizona business closures in coronavirus hotspot

Most Read