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🇨🇦Cable FX Macro Weekly Note: Canada Jul. GDP

**As seen in Risk In The Week report 09/23/22, subscribe at cablefxm.co.uk/reports

A preliminary reading of the Canadian economy for July showed output dropping by 0.1% on the month, according to StatCan. We just saw Q2 figures some weeks ago, the economy expanded by 3.2%, missing estimates of 4.4%. The second quarter was supported by consumption and inventories, while imports increased by 30.5% which was the biggest drag on growth. June GDP release showed the economy expanding by 0.1% M/m and 4.7% Y/y. The most recent survey of economic forecasts compiled by Bloomberg showed economists projecting a 3Q growth rate of 7.4%, this was unchanged from the previous reading, however, the overall growth for 2022 was revised lower to 3.3% from 3.5%, 2023 is seen growing by 1.1%. RBC analysts say that the full impact from higher inflation and interest rates is yet to be felt in Canada, they note that employment has been weakening in July and August. RBC says retail sales and the housing market have been softer as well, they expect the August flash GDP rate to print a mere 0.1% increase in output.


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