Canada: July GDP data will attract the most attention – NFB

National Bank of Canada analysts point out that data to be released next week in Canada includes GDP data and trade balance. 

Key Quotes:

“The release of July GDP data will attract the most attention. Positive contributions are expected from construction, real estate and wholesale based on previously-released monthly reports on these indicators. That said, these contributions will likely be offset by a lackluster showing in the manufacturing sector where shipments fell steeply in July. The retail sector, for its part, may not contribute much to growth if stalling sales volumes are any guide. All told, we expect GDP to have progressed 0.1% in July, marking a fifth consecutive monthly progression.”

“We’ll also get data on August’s merchandise trade balance. Nominal exports may have bounced back in the month following a 5.9% cumulative drop in June and July but the size of the rebound may have been limited by falling energy prices. Imports, meanwhile, may have continued to expand, leaving the trade balance roughly unchanged at -C$0.9 billion. September’s iteration of Markit’s manufacturing PMI will also be available.”