Canadian Immigration focuses on Canada's Economy: Statistics Canada reported that in July, Canada's real GDP had a month-on-month growth of 0.34% following a growth of 0.44% in June. The largest growth was observed in the mining, oil, and gas extraction industries, which had an average growth rate of 2.9%, especially the oil and gas industry, which grew by 9.1%.
In the first 5 months of this year, Canada's GDP experienced negative growth every month, leading to a contraction of 0.8% and 0.5% in the first two quarters, suggesting a theoretical economic recession. However, the consecutive growth in June and July has boosted confidence in an economic rebound in the third quarter. Some economists estimate that Canada's growth rate in the third quarter will be between 2.5% and 3%, which should exceed the Bank of Canada’s mid-July forecast of 1.5%. Media outlets such as the Globe and Mail and Financial Post have reported that Canada has emerged from recession and is back on an upward path.
However, some economists believe that a significant portion of the growth in July was due to a rebound from depressed industries such as oil sands and automobile production in the first half of the year. This growth may be difficult to sustain in the coming months.