The data agency's advance information indicates real GDP by Canadian industries remaining unchanged in September, which points to an economy that flatlined in the third quarter. The Bank of Canada has projected economic growth will remain weak for the next year, after averaging 1% over the past year. The bank updated its economic projections, and now anticipates total GDP growth of 0.8% on an annual basis in the third and the fourth quarters after a contraction of 0.2% in the three months through June. Statistics Canada's GDP report showed that goods-producing industries contracted modestly from the month before while services industries' production edged up. The estimate for unchanged GDP in September will be updated with the release of official data at the end of next month.

Source: Wall Street Journal October 31, 2023 15:39 UTC