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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
CANADA DATA
Building on our earlier bullet following StatsCan’s non-residential capex intentions report:
- Capex is seen increasing a nominal 4.5% in 2024, down from the 8.2% growth estimated to have been realized in 2023 but close to the 4.3% estimated for 2023 at this point last year.
- This point of underestimating realized investment growth has been seen over the past three years – see chart.
- Mining (4.8%) and public administration (8.6%) continue to provide strength for 2024 capex plans, whilst the large non-mining component is seen increasing a steadier 3.7%.
- Within non-mining (which we estimate at C$246bn in 2024), manufacturing capex is seen surging 31% to C$36bn owing to government subsidies for green programs.
- Comparing the non-residential investment share of GDP with that of the US, there needs to be much greater incentives for capital investment.
- Canadian investment shares have never recovered since the oil price declines of 2014/15, and most recently stand at 11.2% GDP in Q3 vs 14.6% for the US (in real terms).
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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