Canadian Q4 2022 GDP 0.0% vs +1.5% expected

• Prior was +2.9% q/q annualized (revised to 2.3%)
• GDP q/q not annualized 0.0% vs +0.7% prior (revised to +0.6%)
• December GDP % m/m -0.1% vs 0.0% expected
• Prior m/m GDP +0.1%
• December GDP % y/y vs +3.93% prior
• Final domestic demand +0.3% q/q vs -0.2% prior
• Business spending on machinery and equipment -7.8%
• Net trade cut 1.455 points from GDP
• January advance GDP +0.3%

This is the first look at Canadian Q4 GDP GDP Gross Domestic Product (GDP) is the monetary value of all the goods and services produced within a country's borders in a specific period of time, typically a year. It is used to measure the economic activity and growth of a country. Periods shorter than a year are often presented in an annualized or year-over-year format.There are three ways to calculate GDP:The expenditure approach: GDP is calculated by adding up all the spending on goods and services within a country. This includes consumer s Gross Domestic Product (GDP) is the monetary value of all the goods and services produced within a country's borders in a specific period of time, typically a year. It is used to measure the economic activity and growth of a country. Periods shorter than a year are often presented in an annualized or year-over-year format.There are three ways to calculate GDP:The expenditure approach: GDP is calculated by adding up all the spending on goods and services within a country. This includes consumer s Read this Term and offers a sense of how the economy was doing at the turn of the year. However all indications from Jan and Feb so far have been strong and that will give the Bank of Canada Bank of Canada The Bank of Canada (BOC) is the central bank of Canada. It was created in 1934 and is responsible for implementing monetary policy in the country, issuing currency, and promoting a safe and stable financial system.The Bank's main role is to "promote the economic and financial welfare of Canada," as defined in the Bank of Canada Act. This includes maintaining the stability of the financial system, promoting a sound and efficient financial system, and fostering monetary conditions that will preser The Bank of Canada (BOC) is the central bank of Canada. It was created in 1934 and is responsible for implementing monetary policy in the country, issuing currency, and promoting a safe and stable financial system.The Bank's main role is to "promote the economic and financial welfare of Canada," as defined in the Bank of Canada Act. This includes maintaining the stability of the financial system, promoting a sound and efficient financial system, and fostering monetary conditions that will preser Read this Term something to think about next week as the prelim January number was strong. Still, such a soft number erases what had been a 9% chance of a hike priced in for March 8.

Looking through the details of this report, Q4 inventories were soft, which is more noise than signal but business investment was also weak and that's concerning.

USD/CAD rose to 1.3586 from 1.3570 on the report but I would be cautious in chasing that, the details here aren't bad and oil is strong today.