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

Just Posted

Financial expert: demand for oil will continue to grow

Angus Watt discusses 2020 economy in Wetaskiwin Jan. 17

‘Manny’s Motel’ badly damaged by fire Jan. 15

Police say 40 Ave. closed due to fire, use alternate route

From courthouse to council’s house

Old courthouse had long history before becoming City Hall

Revenue Canada, RCMP don’t accept Bitcoin: police

RCMP issue Bitcoin warning posters

Writer says Alberta highway system falling apart

Highways in ‘deplorable’ condition: writer

Huawei exec’s extradition hearing begins in Canada

China’s foreign ministry complained the United States and Canada were violating Meng’s rights

Prince Harry: ‘Powerful media’ is why he’s stepping away

Prince Harry and Megan have stepped away from their royal commitments

Rebels fight back from 3-1 Raider lead to win 4-3 in shootout

Two goals by Zak Smith key to Rebels comeback

‘Extensive’ work planned at Big Bar landslide ahead of salmon, steelhead migration

Fisheries Minister Bernadette Jordan visited the site of the slide from June

Royal deal clears way for Harry, Meghan part-time Canada move: experts

Keith Roy of the Monarchist League of Canada said the deal is exactly what Harry and Meghan asked for

PHOTOS: Eastern Newfoundland reeling, search underway for missing man after blizzard

More than 70 centimetres of new snow fell overnight, creating whiteout conditions

Prince Harry, Meghan to give up ‘royal highness’ titles

‘Harry, Meghan and Archie will always be much loved members of my family,’ says Queen Elizabeth II

Most Read