Weaker GDP growth in Canada

1:51 PM 31 August 2022

Second quarter GDP growth in Canada comes out at 3.3%, although 4.4% was expected. In the previous quarter, it was 3.1%

On a quarterly basis, we have growth of 0.8%, the same as before. It is worth noting that this is the first reading for the second quarter of this year. In addition, monthly GDP came in at 0.1% m/m for June. The GDP report shows a massive increase in inventories (on the order of CAD 47 billion), construction investment, machinery investment, and consumer spending on services and semi-permanent products. This is the 4th consecutive real GDP growth in Canada.

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Growth in Canada was limited by a decline in residential investment, consumer spending on durable goods and net trade. We can see that the drop in oil prices in Q2 may have limited growth quite a bit, at least on a quarterly basis.

The USDCAD continues to rise. The CAD's main weakness is oil, as the GDP report didn't fare terribly, although well below expectations. Source: xStation5

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