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Canadian economy stalls in July, breaks six-month growth streak

[September 30, 2014]  OTTAWA (Reuters) - Canada's economy did not expand in July, breaking a six-month streak of consecutive gains, Statistics Canada data indicated on Tuesday, ensuring the third quarter started sluggishly.

Statscan said real gross domestic product was unchanged from June. Market analysts expected a 0.2 percent advance.

The data will put little pressure on the Bank of Canada to raise interest rates. The central bank, which has kept its key rate at a near-record low for four years, said there was no chance of a hike until it sees signs of a sustained recovery.

Manufacturing output grew by 1.0 percent in July from June on strength across most sectors. The public sector increased by 0.5 percent.

Mining, quarrying and oil and gas extraction fell by 1.5 percent as all major components dropped back. Utilities declined by 2.3 percent in July on lower demand for electricity and natural gas amid cooler-than-average temperatures in some areas.

(Reporting by David Ljunggren; Editing by Jeffrey Benkoe)
 

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