Canada: GDP up 0.1% in August – RBC CM

Nathan Janzen, Senior Economist at RBC Capital Markets, notes that Canadian GDP rose 0.1% in August to build on a 0.2% gain in July against the market expectations of a flat reading.

Key Quotes

“Details were softer with a jump in oil sands production and utilities output in particular not likely to be repeated.”

“Looking through monthly wiggles, the data remains consistent with GDP rising 2% in Q3 — broadly in line, and perhaps slightly stronger than the Bank of Canada’s 1.8% forecast.”