September Canadian GDP data from StatsCan

  • Estimates ranged from 3.1% to 3.8%
  • Q2 GDP was -1.6% (revised to -1.3%)
  • Canada September GDP 0.3% m/m vs +0.1% expected
  • Prior m/m was +0.2%
  • Year-over-year growth at +1.9% through September

This is a good-news report all around. Growth was a touch better with positive revisions.

Combined with the rip in oil, you would expect this to be a great day for the Canadian dollar.

Details:

Consumers and trade were main drivers of the report. Much of the trade rise is the give-back from a soft Q2 when oil production was shuttered due to forest fires.

The investment numbers were mixed and government was a small drag after two quarters of strong contributions.