Canada: GDP data to attract the most attention - NBF

Data to be released next week in Canada includes GDP. Analysts at the National Bank of Canada, expect GDP to have expanded 0.2% in February after a contraction in January. 

Key Quotes:

“In Canada, the release of February GDP data will attract the most attention. Positive contributions are expected from manufacturing (based on shipments numbers), residential construction (if the spike in housing starts is any guide), retail and the energy sector. Above-seasonal employment gains in education and public administration point to strengths in those sectors too. These gains may have been partially offset by declining wholesale sales and weakness in the finance/real estate sector (on account of weak home sales). All told, we’re expecting GDP to have expanded 0.2% in the month following a weak -0.1% print in January."

“We’ll also get data on March’s merchandise trade balance. Both energy and non-energy exports may have expanded in light of rising prices. More specifically, farm product exports could have rebounded after bad weather in the western region of the country disrupted rail transport in February. All told, the trade deficit may have shrunk to C$1.70 billion. April’s iteration of Markit’s manufacturing PMI will also be available.”