StatCan to release GDP data for August, early estimate for Q3 today

Statistics Canada is scheduled to release GDP data for August and an early estimate for Q3 today morning. According to a Reuters poll of economists, they are expecting a 0.2 per cent growth for the month of August, which would be an improvement from the lack of growth in July. Some economists have dismissed the weak growth in July, as certain declines were due to one-time issues in manufacturing and mining sectors caused by production problems.

However, the August GDP figures will take into account the impact of 50 per cent U.S. tariffs implemented on August 22, affecting various Canadian goods. The economy's performance and the energy price shock resulting from the Middle East war are being closely monitored by the Bank of Canada. Earlier this week, the central bank increased its benchmark interest rate by 0.25 per cent to 2.5 per cent in an attempt to address the risks posed by rising energy prices beyond gas stations.