XPost: soc.culture.canada, can.general, can.politics   
   XPost: soc.culture.quebec   
   From: abc@a123.ca   
      
   Economy continues on growth path in July despite global turbulence   
      
   SEPTEMBER 28, 2012   
      
   Trucks are loaded at an oilsands mine facility seen from the air near   
   Fort McMurray, Alta., Sept. 19, 2011. THE CANADIAN PRESS/Jeff McIntosh   
   OTTAWA - Canada's economy continues to defy adverse global conditions and   
   the guarded expectations of experts, posting a 0.2 per cent advance in   
   July that got the third quarter off to an encouraging start.   
      
   The expansion was double consensus estimates — some economists had   
   thought a negative number was possible — although the shine was dulled   
   somewhat by a downward revision for June to 0.1 per cent from 0.2.   
      
   Still, analysts said any expansion in the economy, given global economic   
   troubles and Canada's weak export performance for the month, was cause   
   for relief.   
      
   "The fear factor of a decline, given an abundance of weak indicators for   
   the month, was avoided," said Derek Holt, vice-president of economics for   
   Scotia Capital.   
      
   Holt said the third quarter is still expected to be weak, with Scotiabank   
   tracking a one per cent annualized pace. That is half the rate the Bank   
   of Canada predicted in July.   
      
   On an annual basis, output was up 1.9 per cent, "consistent with an   
   economy that is still struggling to crack the two per cent growth mark,"   
   noted Bank of Montreal's Robert Kavcic.   
      
   The most obvious weakness in the month was in the exports sector.   
   Statistics Canada has already reported a $2.3-billion trade deficit for   
   the month, the biggest in nominal terms in history.   
      
   But overall, the goods producing sector of the economy had a good month,   
   advancing by 0.2 per cent.   
      
   Manufacturing was surprisingly strong at plus 0.6 per cent, and wholesale   
   trade grew by 0.2 per cent. Mining, oil and gas extraction and   
   construction all declined, however.   
      
   The output of service industries also rose 0.2 per cent, mainly due to   
   higher retail sales and increases in the finance and insurance sector as   
   well as accommodation and food services.   
      
   The public sector — education, health and public administration combined   
   — was essentially unchanged.   
      
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