Statistics Canada is set to release GDP figures for the month of August and its early estimate for September and the third quarter overall this morning.
A Reuters poll of economists show they’re predicting 0.2 per cent growth for August, which would mark a bounce from the no growth seen in July.
Some economists brushed off the muted growth in July because some of the month’s declines were driven by one-off issues in the manufacturing and mining and quarrying sectors like production disruptions.
But the August GDP figures will partly capture the impact of 50-per-cent U.S. tariffs applied on a range of Canadian goods starting Aug. 22.
From flower farmers to cheesemakers, meet the business owners and leaders affected by the trade war
The tariff hit to the economy and the energy price shock from the war in the Middle East are being closely watched by the Bank of Canada.
The central bank hiked its benchmark interest rate by a quarter-point this week to 2.5 per cent as it tries to get ahead of the risk higher energy prices spread beyond the gas pumps.