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In Canada,  the week will see the release of statistics on third quarter GDP and will be a key economic release, according to analysts at National Bank Financial.

Key Quotes

“Monthly readings to date hint at a positive contribution from business investment (based on strong imports of machinery and equipment) and consumption spending (if rising retail sales are any guide).”

“Trade could also have added to growth, the result of slumping imports in the quarter. Residential construction, for its part, should act as a drag, reflecting a sharp retreat in housing starts. All told, we’re expecting Q3 GDP to come in at roughly 1.8% in annualized terms, less than the 2.9% print registered in Q2, but enough to keep our annual growth target for 2018 unchanged at 2.0%.”

“Looking at monthly data, the handoff to Q4 looks decent, with September GDP on pace to expand 0.1% m/m, courtesy of a strong gain in the retail sector.”

“On Thursday, balance of payments data for the third quarter could show the current account deficit narrowing to around C$11.5 billion, led by an improvement in the goods trade balance.”