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Growth in Canadian economy was essentially flat in July following six consecutive monthly increases. Contributions to growth at the industry level were made from manufacturing, government, and construction while notable declines were recorded in mining and oil and gas extraction.
Based on the first month of GDP data for the third quarter, we would estimate that the Canadian economy grew a modest 2 to 2.5 per cent from July to September. That would mark a significant slowdown from the second quarter mark of 3.2 per cent and provides cover for the Bank of Canada to keep rates unchanged for quite some time.
BCREA Economics Now
