In Canada, the release of April GDP data will attract the most attention and a positive contribution is expected from the mining sector but it should be largely offset by a poor showing in the manufacturing sector (based on shipments), according to analysts at NBF.
Key Quotes
“Both residential construction and the finance/real estate sector likely weighed on growth on account of lower starts and decreasing home sales. All told, we’re expecting GDP growth to have slowed to a halt in the month following a +0.3% print in March. The summer edition of the Bank of Canada’s Business Outlook Survey will be released, along with Senior Loan Officer Survey for Q2.”
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