Canada’s economy likely to be flat in September, as August GDP rose 0.4% by Reuters
© Reuters. FILE PHOTO: A construction crane over Brookfield’s Bay Adelaide North, the third office tower to be constructed at the Bay Adelaide Center complex in Toronto, Ontario, Canada, April 14, 2021. REUTERS/Chris Hellgren
OTTAWA (Reuters) – Canada’s economy is likely to stabilize in September after rising 0.4 percent in August, and annual gross domestic product for the third quarter is likely to rise 1.9 percent, data showed on Friday.
Statistics Canada data showed that as of September, Canada’s GDP was still about 1% below pre-pandemic levels.
The Bank of Canada on Wednesday forecast that Canada’s economy will expand 5.5% year-on-year in the third quarter, up from a 1.1% contraction in the second quarter. He also indicated that a rate hike may come in April 2022.
August’s 0.4% gain was behind analysts’ estimates of 0.7%. Overall, 15 of the 20 industrial sectors recorded increases, with industries producing services up 0.6% while industries producing goods declined 0.1%.
The Canadian dollar was trading 0.2% lower at 1.2363 per dollar, or 80.89 US cents.
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