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