Canadian GDP Declines for First Time since August 2009

The Canadian economy receded in July for the first time in nearly a year, according to a Statistics Canada report published on September 30. 10/2/2010 1:06:12 PM

The report said real gross domestic product fell 0.1% in July, which represents the first monthly decline since August 2009 following a relatively strong recovery from the recession.

The nation’s manufacturing, retail, wholesale trade, construction and forestry industries all posted declines.

In manufacturing, GDP fell 0.7% in July as 11 of the 21 major groups in that sector retreated. Construction and real estate also saw declines.

Construction declined 0.5% as residential building construction fell 2%. Real estate agents felt the squeeze on their end as well.

Retail trade fell 0.5% in July after a 0.7% gain the month before, while forestry and logging receded 4.6%.

But not every industry took a hit.

Canada’s mining sector showed a 1.1% growth in GDP in July after receding in June, and the finance and insurance sectors grew 0.1% in July as well.

Canadian GDP Declines for First Time since August 2009