Motor vehicles and parts dealers, up 2.8 percent, contributed the most, driven by higher sales at new car dealers, offsetting the previous month’s decline. However, gasoline stations experienced a 1.8 percent contraction, tempering overall growth in the retail sector.
The public sector also posted growth for the seventh consecutive month, rising by 0.3 percent in July.
Public administration, which expanded by 0.4 percent, was the largest contributor to this growth, with local, municipal, and regional public administration leading the gains for the third month in a row. Educational services and health care and social assistance also grew by 0.2 percent each.
The finance and insurance sector increased by 0.5 percent, showing broad-based strength across the industry. Financial investment services, funds, and other financial vehicles rose 1.8 percent for the second consecutive month, driven by mutual funds and financial market activity.
Market volatility, fuelled by interest rate announcements and geopolitical instability, contributed to the sector’s growth. Banking, monetary authorities, and other depository credit intermediation expanded by 0.3 percent due to increases in mortgage and non-mortgage debt.