Economy

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Real gross domestic product (GDP) rose 1.1% in the second quarter, following a 0.9% gain in the first quarter. The cumulative growth in the first two quarters of the year (+2.0%) was the strongest since 2002 (+2.1%). Household final consumption expenditure and exports of goods were important contributors to second quarter growth. Real gross national income, a measure of the purchasing power of productive income earned by Canadian residents, advanced a more modest 0.4% in the second quarter, constrained by worsening terms of trade. Export prices increased 0.5%, while import prices rose 2.7% in tandem with a depreciating Canadian dollar.

  • Q1 +3.7%
  • Q2 +4.5%
  • Q4 2016 +2.7%
  • Year-over-year GDP 4.3%
  • June GDP +0.3% MoM vs +0.1% exp
  • May GDP +0.6% (unrevised)

canada gdpQ22017  

  • Household consumption +4.6%
  • Government consumption +2.5%
  • Final domestic demand +0.9% q/q
  • Outlays in goods +1.9%
  • Durable goods +2.3%
  • Investment in residential structures -1.2%
  • Exports +2.3%
  • Export volumes of crude +7.4%
  • Imports +1.8%
  • Business investment in non-residential structures +2.4%
  • Business inventories +$11.5B vs +$10.5B prior
  • Business investment added 0.1 pp to q/q growth
  • Inventories up 7.1% in Q2 and 13.7% (annualized) in Q1
  • Corporate earnings -0.1%

The next Bank of Canada interest rate announcement is Wednesday Sept 7th, 2017

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