Canada monthly GDP for August 2020
- Prior was +3.0%
- GDP y/y -3.8% vs -4.2% expected
- Prior y/y reading -5.0%
- Preliminary September estimate +0.7% m/m
- Preliminary Q3 estimate +10% q/q
- Activity about 5% below February peak
Details:
- Goods producing +0.5%
- Services-producing +1.5%
- Construction +1.5%
- Manufacturing +1.2%
- Wholesale and retail trade +0.4%
- Mining, quarrying, and oil and gas extraction -1.7%
This is a good report but there has been no reaction from the Canadian dollar as the market looks forward and frets about the pandemic and US election. So far, Canada has kept the virus at bay but it will be increasingly difficult in the months ahead as the weather turns and pandemic fatigue creeps in.