In view of analysts at TD Securities, Canada’s industry-level GDP is forecast to rise by 0.1% in August, helped by stronger services and a partial rebound in the goods producing sector.
Key Quotes
“Goods output fell by 0.8% in July, largely due to an offshore oil spill that shuttered production in the region. Those shutdowns have persisted into August, but strong construction investment and manufacturing activity should help drive a modest increase for the goods sector.”
“Meanwhile, services will benefit from continued strength in the housing market and a modest increase in retail trade, offset by softer wholesale activity. Other industries, such as health care & education, saw an outsized increase in hours worked during August which also bodes well for real activity. A 0.1% increase for August would leave Q1 tracking slightly below 1.5%, in line with BoC estimates from July.”
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