Canada: Focus on GDP data – TDS

In view of analysts at TD Securities, Canada’s industry-level GDP will provide the final noteworthy data release of 2019 with TD looking for a 0.1% decline owing to contraction in the goods-producing sector and a muted increase in services (market: 0.0%).

Key Quotes

“Softer retail and wholesale trade present a key headwind to the latter, although labour market inputs suggest that we should see a pickup in the sector. A 0.1% decline would leave Q4 tracking slightly below BoC estimates from October, although concerns over financial vulnerabilities should keep the Bank on the sidelines for the time-being.”