REUTERS/Christinne Muschi Acquire Licensing RightsOTTAWA, Sept 29 (Reuters) - Canada's economy stalled in July as the manufacturing sector posted its biggest decline for more than two years, but it most likely grew by 0.1% in August, Statistics Canada said on Friday.
Analysts polled by Reuters had forecast a 0.1% month-over-month rise in July.
Overall, the service-producing sector edged up 0.1% in July while the goods-producing sector posted a 0.3% contraction.
The manufacturing sector shrank by 1.5% over June, the biggest month-on-month drop since April 2021, largely due to firms drawing down their inventories.
The bank held its key overnight interest rate at 5% on Sept 6, noting the economy had entered a period of weaker growth.
Persons:
Christinne, David Ljunggren, Dale Smith
Organizations:
Port, REUTERS, Rights, Statistics, Reuters, Bank of, Mining, Bank of Canada's, Thomson
Locations:
Port of Montreal, Montreal, Quebec, Canada, Statistics Canada, Pacific, British Columbia