Canada: GDP stalls in October vs. 0.2% expansion expected

Canadian economy stalled in October for the third consecutive month.
USD/CAD stays around 1.3270 after economic data from the US and Canada.

Matías Salord FXStreet

Statistics Canada reported on Friday that Real Gross Domestic Product (GDP) “was essentially unchanged for a third consecutive month in October. Services-producing industries edged up 0.1%, while goods-producing industries were essentially unchanged, with the 20 industrial sectors evenly split between increases and decreases.”

The reading came in below the market expectations of a 0.2% expansion. In September, the economy also stalled (revised from a 0.1% expansion).

The advance estimate indicates that real GDP edged up 0.1% in November 2023. The following GDP report will be released on January 31.

Market reaction

The USD/CAD remained around 1.3270 after the release of the Canadian GDP and US economic data that included the Core Personal Consumption Expenditure (Core PCE) and Durable Goods Orders.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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