Analyst Robb Stewart has highlighted concerns about Canada's economic trajectory, indicating a notable downturn. In July, Canada's industrial GDP was revised to a mere 0.1% growth month-over-month, while August showed no significant change. Statistics Canada estimates a potential rebound with a 0.3% growth rate for September.
This trend suggests an annualized growth rate of only 1% for the industrial GDP in the third quarter, a significant drop from the 2.2% and 2.1% seen in the first and second quarters, respectively. The Bank of Canada's recent adjustment of the third-quarter GDP growth forecast to 1.5% may still be overly optimistic in light of these figures.
