Canadian data to watch next week – NBF

Analysts at the National Bank of Canada, take a look at next week key economic reports to be released in Canada.  

Key Quotes:

“The release of May GDP data will attract the most attention. Positive contributions are expected from retail, wholesale and manufacturing (based on previously-released reports for those indicators). These gains could have been partially offset by a weak showing in the residential construction segment (on account of declining housing starts). Utilities may also have acted as a drag on growth following an outsized contribution in April. All told, we’re expecting GDP to have expanded 0.3% in May following a 0.1% print the prior month.”

“We’ll also get data on June’s merchandise trade balance. Although energy exports may have suffered from lower prices in the month, we still expect the trade deficit to shrink to C$2.3 billion on account of slower growth in import volumes. Indeed, imports in the energy category may have shrunk in June after a spike in May caused by a temporary shutdown at a Canadian refinery. Imports in the transportation segment may also have dropped following the delivery of several airliners from the United States the prior month.”

“We’ll also keep an eye on the release of Markit’s manufacturing PMI for July.”