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BoC Forecasts: Inflation In Line, 2023 Growth More Optimistic Than Analysts

  • Latest forecasts were broadly in line with analysts for inflation, revised down 40bps for 4Q22 and 20bps for 4Q23.
  • The latter at 2.6% remains above target (albeit within the upper 3% limit) but has now been revised down from a high of 3.2% from the July forecast round.
  • Some growth was pulled forward into 2022 but the Bank remains more optimistic than analysts for 2023, seeing GDP growth of +0.5% Y/Y in Q423 (-0.5pps from October’s +1) vs analysts +0.1%.
  • Table/charts below

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