Canada: GDP is expected to rebound by 3.9% in July – TDS

Eren Sengezer FXStreet

Previewing the monthly Gross Domestic Product (GDP) data from Canada next week, TD Securities analysts said that they expect the economic activity to expand by 3.9% in July. Statistics Canada's flash estimate was for a GDP growth of 3%.

Key quotes

"GDP is expected to rebound by 3.9%, above the flash estimates from StatCan for 3.0%, following broad strength across activity data for May."

"This would still leave output 14% below year-ago levels but provides a strong start to the recovery, especially with signs of accelerating growth in June, and leaves us on track to outperform BoC expectations for a 43% contraction in Q2."

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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