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Still, the July reading beat the estimates of economists — most of whom had forecast an advance of only 0.2 per cent during the month.

That puts third-quarter annualized growth at between 2.5 per cent to three per cent, according to BMO, following annualized declines of 0.8 per cent in the first quarter and 0.5 per cent in the second three-month period.

Like the GDP data in June, the latest report showed much of the growth was driven by the mining, oil and gas sector, which posted a 2.9-per-cent advance.

This despite the deep and ongoing collapse of global oil prices that has plunged resources-dependent provinces, particularly Alberta, in recession — and was the primary force that pushed Canada into an economic downturn in the January-to-March period and for first two months of the second quarter, meeting the technical definition of a recession.

“The sector continued to rebound from maintenance and wildfire-related production slowdown in the oilsands,” said BMO’s Reitzes. “However, given where prices are, and the significant slowdown in the energy sector, further meaningful gains aren’t particularly likely.”

Finance Minister Joe Oliver, speaking to reporters Wednesday in Toronto, said “we’re comfortable that growth will continue.”

The Conservative government is in the midst of a federal election campaign. The latest GDP data will no doubt provide fodder for the ruling party ahead of the Oct. 19 vote.

“What it signals is, clearly, we are on the move,” Oliver said. “Our economy is growing. This is consistent with (the view of) every economist that I have spoken to. The Bank of Canada is of that view (as are) the IMF, the OECD. Canada is going to have solid, strong in the second half of the year and experience positive growth for the full year.”