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.”
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