- Bank of Canada
Canadian wholesale trade remained flat in July, failing to boost the highly anticipated GDP figures, as better sales of machinery, equipment and supplies were offset by drops in building materials and farm products. The data followed the 1.3% increase in June and fell short of economists' forecasts for a gain of 0.7%. In volume terms, wholesale sales dropped 0.4% in July. The machinery, equipment and supplies sector climb by 1.0%, led by higher sales in computer and communications equipment and supplies. Elsewhere in the sector, sales in construction, forestry, mining and industrial machinery, equipment and supplies industry decreased 3.0%. At the same time, wholesale inventories gained 0.6% to C$72.95 billion.
Wholesalers in Canada are responsible for the biggest part of the country's services sector, which in turn accounts for around two-thirds of overall economic output in Canada. Other GDP related data for July were positive, with Canada's manufacturing sales rising 1.7% to C$52.2, driven by increasing sales of motor vehicle parts and assembly. Moreover, Canadian exports surged 2.3%, while imports climbed 1.7%, resulting in a C$593 million deficit in July.
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