Statistics Canada says economy grew 0.2% in July led by manufacturing sector
OTTAWA — Strength in the manufacturing sector helped the Canadian economy grow more than expected in July and boost expectations the Bank of Canada will raise its key interest rate next month.
Statistics Canada said Friday real gross domestic product grew by 0.2 per cent in July, an increase that followed essentially no change in June.
Economists had expected an increase of 0.1 per cent for July, according to Thomson Reuters Eikon.
Stephen Brown, senior Canada economist at Capital Economics, said the overall economy is on track for annualized growth of around two per cent in the second quarter.