Canada GDP Holds Steady in July

The Canadian GDP is expected to have remained unchanged from the previous month in July of 2026, according to a flash estimate. Preliminary evidence pointed to an increase in real estate, rental and leading, and professional, scientific, and technical services, which offset a decline in retail trade and manufacturing. The figure follows a 0.3% expansion in June, revised higher from a 0.2% increase.

The Canadian GDP is expected to have grown by 0.2% from the previous month in June of 2026, translating to a 0.8% expansion in the second quarter. The preliminary data indicated higher output for wholesale, finance and insurance, and retail trade. These offset declines for utilities and agriculture. Richer data showed that the GDP expanded by 0.3% in May, reflecting some resilience despite the inflationary pressure from higher energy prices in the period due to the war in Iran. Goods producing industries expanded by 0.6% amid as higher oil and gas prices lifted mining, quarrying, and oil and gas extraction output by 1%. Meanwhile, services expanded by 0.2%, as a 0.4% growth rate in real estate and 0.3% jump in retail trade offset a 0.4% contraction in wholesale trade.

The Canadian GDP is estimated to have expanded by 0.1% from the previous month in May of 2026 with support from finance and insurance, and real estate and leasing services, which were offset by declines in wholesale trade and agriculture, forestry, fishing, and hunting, according to preliminary data. This would follow a 0.5% jump in April, revised higher from the preliminary estimate of 0.4%, to mark the sharpest increase in over three years. This reflected fresh traction in a period of surging energy prices and lingering pressure from US tariffs, which drove the BoC to flag significant growth risks to Canada. Mining, quarrying, and oil and as extraction expanded by 2.9% amid the increase in energy prices. Growth was also notable transportation and warehousing (0.9%), accommodation and food services (1%), and in construction (0.7%), which rebounded from five months of declines.