Canadian fourth quarter GDP
- Prior was 2.0%
- December GDP m/m -0.1% vs 0.0% expected
- December y/y GDP +1.1% vs +1.4% expected
- Slowest since Q2 2016
- H1 growth revised down to 2% from 2.3%
- 2018 GDP 1.8% vs 2.0% BOC estimate
- Non-residential capital spending -10.9% annualized in Q4
- Residential investment -14.7% annualized in Q4
Poor numbers from Canada. They were out slightly early.
USD/CAD jumped to 1.3205 from 1.3140 on the headlines.The details are worse than the headline here. The only reason Canadian GDP wasn't negative was inventory growth, which added 1.53 pp to GDP.
The BOC has been promising business investment but these numbers are horrific.
