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Canada GDP October 2023

Canada: Economic activity remains unchanged in October

GDP was flat in month-on-month seasonally adjusted terms in October for the third month in a row. On an annual basis, monthly GDP rose at a quicker rate of 0.9% in October (September: +0.7% yoy).

Mild growth in services was offset by lower manufacturing and agricultural output.

For Q4, our Consensus is for the economy to have broadly stagnated in seasonally adjusted annualized terms for the third straight quarter. Our panel expects growth to resume overall in 2024, though not before stagnating once more in Q1.

On the outlook, TD Economics’ economist Marc Ercolao commented:

“October’s GDP print ended up a little frosty against expectations that the economy would advance at a decent pace. With today’s print and guidance for November, fourth-quarter GDP is tracking sub-1.0% quarter-on-quarter annualized.”

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