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Statistics Canada will be releasing the monthly retail sales report. This will be one of the last few economic reports that will feed into the Q3 GDP.
Canada will be officially releasing the final third-quarter GDP estimate in a week’s time.
Currently, Q3 GDP estimates are around 1.8%.
A slightly higher retail sales report could potentially see this figure being revised higher. However, given the weaker gas prices during the month, the forecasts remain to the downside.
Economists forecast that Canada’s retail sales will rise at the same pace of 0.4% as it did in July.
The increase in the previous month was the first one in three months. In the second quarter, Canada’s retail sales rose 1.5% on a not seasonally adjusted basis. After excluding price impacts, volumes were flat during the period.
The second-quarter retail sales were down from 1.8% in the first three months of the year.
On an annual basis, Canada’s retail sales are up just 0.9% on the three m...
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