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's GDP grew a disappointing 1.9% annualized in Q3 according to a flash estimate published by the federal statistics office Friday. That's far short of the 5.5% estimate the central bank gave two days ago as it signaled a rate increase may be needed as soon as April with supply bottlenecks leaving less slack in the economy and pushing up inflation.
Statistics Canada said GDP advanced 0.5% on a q/q basis, given output advanced 0.4% in August and a flash estimate showed that it stalled in September. The agency earlier reported GDP shrank in Q2, and weak growth amid the Delta variant is one reason economists say market bets on quick rate hikes are overblown and a move may not happen until July.
The September stall in GDP came with a "significant drop in manufacturing due to lower sales in transportation equipment and a decline in retail trade," StatsCan said. Output now sits 1% below pre-pandemic levels.
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.