The 1.6% annualised decline in second-quarter GDP was worse than the 1.0% decline anticipated by the Bank of Canada in its July Monetary Policy Report. But Statistics Canada estimates that decline was entirely due to the Alberta wildfires in May, so we don’t expect the GDP figures will prompt any reaction from the Bank. The monthly GDP figures are more reassuring, showing a 0.6% m/m rebound in June, which reversed a similar-sized decline in May.
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