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Canada Q2 Annualized GDP +2.1% Vs Consensus +1.7% On Gov Spending

CANADA DATA
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  • Q2 annualized GDP +2.1%, compared to consensus +1.7% and the Bank of Canada's +1.5% projection in July MPR. The rise was led by government spending and investments in machinery and equipment.
  • July flash GDP held steady MOM. Official June figure was unchanged in line with forecasts.
  • Goods-producing industries (-0.4%) posted its largest decline since December 2023 amid declines in manufacturing led by autos.
  • In Q2, household spending growth slowed to 0.6% annualized. Residential construction posted a 7.3% decline.
  • GDP reports out Friday are last major releases before the Bank of Canada's interest-rate Sept 4 decision, where economists and the market are expecting a third rate cut.
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  • Q2 annualized GDP +2.1%, compared to consensus +1.7% and the Bank of Canada's +1.5% projection in July MPR. The rise was led by government spending and investments in machinery and equipment.
  • July flash GDP held steady MOM. Official June figure was unchanged in line with forecasts.
  • Goods-producing industries (-0.4%) posted its largest decline since December 2023 amid declines in manufacturing led by autos.
  • In Q2, household spending growth slowed to 0.6% annualized. Residential construction posted a 7.3% decline.
  • GDP reports out Friday are last major releases before the Bank of Canada's interest-rate Sept 4 decision, where economists and the market are expecting a third rate cut.