Canadian Monthly GDP Growth (August '17) - October 31, 2017
A slightly frightening Halloween release of Canadian GDP data showed that the Canadian economy edged down 0.1 per cent in August. Declines in the manufacturing, mining and oil and gas sectors offset increases in the other 12 of 20 industrial sub-sectors that posted positive growth. Given today's release, growth in the Canadian economy is tracking at about 2 per cent for the third quarter.
Today's disappointing GDP data should be the final nail in the coffin for further Bank of Canada rate increases this year. The economy is showing real signs of slowing with no inflation in sight. We expect the Bank will hold its key policy rate at 1 per cent until mid-2018.
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