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Canadian economy likely flat in September, August GDP up 0.4% -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This crane was seen high above Brookfield’s Bay Adelaide North. It is the third tower that will be built at their Bay Adelaide Centre compound in Toronto, Ontario Canada, April 14, 2021. REUTERS/Chris Helgren

OTTAWA (Reuters – After a gain by 0.4% in August the Canadian economy was likely to remain flat in September. The third quarter annualized GDP rose 1.9% on Friday, according to data.

Statistics Canada data show that Canada’s GDP was still about 1% lower than pre-pandemic levels as of September.

On Wednesday, the Bank of Canada forecast that the Canadian economy will grow by 5.5% annually in the third quarter. This is up from the 1.1% contraction recorded in the second quarter. A rate rise could also be imminent, according to the Bank of Canada.

Analyst estimates for 0.7% were wrong. The 0.4% August increase was 0.4% below. All 20 industrial segments saw increases with 0.6% in services production and 0.1% declines for goods.

Canadian dollars traded 0.2% less at 1.2363 against the greenback (or 80.89 U.S.cents).

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