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GDP by Industry (Oct.)

The stagnation in monthly GDP in October, partly due to a significant decline in mining output, indicate that the economy lost some momentum in the fourth quarter. Even allowing for a rebound in November, it’s fairly obvious that the balance of risks around the Bank of Canada’s 2.5% q/q annualised GDP growth forecast now lie firmly to the downside. We estimate growth to be closer to 1.5%.

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