Evaluating the latest Canadian Gross Domestic Product data, “the Canadian economy maintained a strong recovery pace in November with industry-level GDP increasing 0.7% MoM, beating the market consensus for an increase. 0.4%, “said the TD Securities analysts.
Key statements
“What was even more impressive than the strong publication of the headlines was Statistics Canada’s new flash estimates calling for a 0.3% m / m increase in December despite building headwinds due to more severe roadblocks.”
“Overall, it’s hard not to be encouraged by the strength of the ongoing recovery. November’s growth was based overall on higher output in 14 out of 20 industries, and strong headlines coupled with positive flash estimates for December will strengthen the follow-up to the fourth quarter (now sitting near 8% annualized). “
“We are somewhat skeptical that a 0.3% increase will be achieved next month due to more widespread business closings, but it suggests that the carry-over to the first quarter will be significantly stronger than previously anticipated, offering the slightest hope of a positive figure from first trimester”.
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