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Real GDP rises to higest point since October 2008

Published by Brad Fougere on September 30, 2014

While the Canadian economy was essentially flat in July, the manufacturing sector continued to post strong gains with a 1.0 per cent increase that month. That performance was enough to keep the Canadian economy in positive territory. Without manufacturing, overall GDP would have fallen by 0.1 per cent.

Manufacturing continues to build momentum in 2014. Real GDP has risen in five of the past six months and is now at its highest point since October 2008.

On a year-over-year basis, manufacturing GDP in July was 4.2 per cent higher than the same month last year, compared to 2.5 per cent growth for the economy as a whole.

The increase in manufacturing GDP in July was distributed across a range of sectors. In particular, motor vehicle production rebounded from a dip in June to post a monthly increase of nearly 3.0 per cent. Plastics and rubber products manufacturing was also up 3.7 per cent in July. There were strong gains in some of Canada’s smaller manufacturing sub-sectors as well. Printing and related support activities were up 7.6 per cent, furniture and related products by 7.4 per cent and computer and electronics manufacturing by 6.4 per cent in July.

Found in: StatsCan gdp

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