The stronger than expected 0.3% m/m increase in August GDP suggests that the economy grew by close to 2.5% annualised in the third quarter, stronger than our previous estimate of 2.0%. But since much of this growth reflects a surge in energy output, it is unlikely to convince the Bank of Canada that the recovery is on a firmer footing than it had previously assumed.
Subscriber content
Read this in full, free
Start a free trial and use one of your 10 free starter credits to unlock this piece.