Canada: GDP grows 0.5% in July

Canada's gross domestic product rose 0.5% in July to CAD 1.67 trillion, led by higher output in the mining, quarrying, and oil and gas extraction sector, Statistics Canada said Friday.

The rise in July followed a 0.6% increase in June, which had essentially offset an equivalent decline in May. Market expectations were for a 0.3% advance.

The output of goods-producing industries rose 1.0% in July, with mining, quarrying, and oil and gas extraction contributing the most to the gain. The output of service-producing industries advanced 0.3% in July.