September 03, 2024
Statistics Canada announced that the country's real gross domestic product (GDP) was essentially unchanged in June, following a 0.1% increase in May.
The goods-producing industries (-0.4%) saw its largest decrease since December 2023 as declines in manufacturing and construction were partially offset by increases in utilities and agriculture. Services-producing industries (+0.1%) increased for the third consecutive month in June 2024. Overall, 12 of 20 sectors expanded in June.
The manufacturing sector decreased 1.5% in June, more than offsetting the previous two months of growth, as both durable and non-durable goods manufacturing contributed to the decline.
The construction sector contracted 0.6% in June to its lowest level since January 2021, as almost all subsectors were down.
The utilities sector (+2.3%) posted a second consecutive monthly increase in June 2024, reaching its highest level since April 2023. Electric power generation, transmission, and distribution was the largest contributor to growth.