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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
- Real GDP growth was stronger than expected in Q1, rising 3.1% annualized vs cons 2.5% and the BoC’s forecast of 2.3% from the April MPR, following a minimally downward revised -0.1% in Q4 (initial 0.0%).
- With the Bank estimating potential growth at 2.3% in 2023, it marks a quarter with zero progress in demand softening to allow supply to move in better balance.
- Final domestic demand accelerated with 2.6% annualized after just 0.2%, led by household consumption jumping 5.7% helping offset a fourth consecutive large quarterly decline for residential investment (dragging -1.4pps from Y/Y GDP growth).
- Within household spending, strength was indeed led by motor vehicles (+7.8% non-annualized) but other goods categories also saw some strength (notably semi-durables +4.3% non-annualized) whilst service consumption also increased 1.3% non-annualized.
- Major contributions behind a non-annualized GDP figure of 0.8% Q/Q: final domestic demand +0.7pps after 0.0pps, chg in inventories -0.5pps after -1.3pps, net trade +0.7pps after +1.3pps.
- Separate monthly data were also stronger than expected, with March GDP a tenth stronger than expected at 0.0% M/M (advance had pencilled in -0.1%) and April indicated at +0.2% M/M vs some analyst expectations of a small decline with a drag from the PSAC strikes.
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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