Analysts at National Bank Financial (NBF) point out that, for the Canadian markets, this week will feature Q3 GDP on Friday with monthly reports to date suggesting that the household consumption will contribute positively, albeit not strongly to growth in the quarter.

• “Investment in residential and non-residential structures may also add to the headline growth number based on previously released data on construction spending. Trade, on the other hand, is likely to weigh on GDP judging from monthly reports which showed real imports expanding while real exports stagnated.
• All told, GDP may have advanced 1.4% in annualized terms in Q3 following a stellar +3.7% print in Q2. That would leave the Canadian economy on pace for a 1.6% expansion in 2019. Looking at monthly data, the handoff to Q3 looks decent, with September GDP on pace to expand 0.1% on gains in real estate and construction.”