Canada's gross domestic product was unchanged in August before likely expanding by 0.3 per cent in September, data showed on Thursday, indicating the economy missed the central bank's growth forecast for the third quarter.
The reading for August matched the median forecast of analysts polled by Reuters.
A 1.2 per cent contraction in manufacturing was the biggest drag on the economy in August, Statistics Canada data showed. Retooling and maintenance activities at multiple auto plants contributed to the decline.
Canada's goods-producing industries, which include the manufacturing sector, fell to its lowest level since December 2021.
Economic growth has slowed in Canada under the impact of high borrowing costs. The Bank of Canada (BoC) has said it wants the economy to strengthen and has cut interest rates four times in a row to spur growth as inflation returned to the bank's 1-3 per cent control range this year.
In a preliminary estimate for September, StatCan said GDP was likely up by 0.3 per cent, helped by increases in finance and insurance, construction, and retail trade sectors. At the same time, July's GDP growth rate was downwardly revised to 0.1 per cent from 0.2 per cent initially reported.
The monthly GDP figures translate to 1.0 per cent annualized growth in the third quarter. The BoC projects growth to slow to 1.5 per cent in the July-September before it picks up in the fourth quarter.
At its last policy-setting meeting, the bank lowered its key rate by a larger-than-usual 50 basis points, and some economists say the bank may need another large interest rate cut to boost growth.
Money markets increased their bets for another 50 basis point cut in December from roughly 18 per cent to more than 24 per cent after the GDP data was released.
The Canadian dollar slipped in early morning trade with the loonie trading 0.08 per cent weaker at 1.3913 to the U.S. dollar, or 71.88 U.S cents.
Bond yields for the two-year Canadian government bonds fell 2.6 basis points to 3.149 per cent.
The monthly GDP figures translate to 1.0 per cent annualized growth in the third quarter, slower than the BoC's estimate of 1.5 per cent in the July-September.
However, Thursday's GDP figures are based on Canada's industrial output while quarterly figures, which will be released next month, are based on an alternate calculation and can differ.
(Reporting by Ismail Shakil in Ottawa; Editing by Dale Smith)
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