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GDP for Aug/Sep flash (0830ET)

CANADA
  • GDP for August comes into local focus after the BoC saw growth stagnating in Q4-1H23, giving supply time to catch up with demand.
  • Consensus sees 0% M/M in Aug after similar guidance from last month’s flash, with the 3M/3M rate just 1% annualized vs 3.5-4% in Q1 and Q2.
  • CIBC see a similar stagnation for the Sept flash, “albeit not one that is necessarily already in reverse.” Annualized growth should be 0.5-1.0% in Q3, “roughly half the long-run potential growth rate of the economy.”

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