Monthly GDP from Statistics Canada:
- Prior was +0.2% m/m
- GDP +1.3% y/y vs +1.4% expected
- Prior y/y reading was +1.5%
Details:
- Goods producing -0.7%
- Services-producing +0.3% (5th consecutive rise)
- Construction -0.7%
- Manufacturing -0.1%
- Wholesale trade +1.1%
- Retail trade +0.1%
- The mining, quarrying, and oil and gas extraction sector contracted 3.5% -- largest decline since May 2016
The drop in oil and gas production was largely due to a shutdown of some offshore oil production off the coast of Newfoundland.
That's an important caveat and may help to reverse some of the initial Canadian dollar weakness.
