{"id":526478,"date":"2026-06-30T21:18:09","date_gmt":"2026-06-30T21:18:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/ie\/526478\/"},"modified":"2026-06-30T21:18:09","modified_gmt":"2026-06-30T21:18:09","slug":"canadian-gdp-off-to-a-strong-start-in-q2-but-trade-uncertainty-continues-rbc","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/ie\/526478\/","title":{"rendered":"Canadian GDP off to a strong start in Q2 but trade uncertainty continues – RBC"},"content":{"rendered":"

RBC Economics highlights a firmer start to Q2 in today’s Canadian GDP report<\/a> after a small contraction in the first quarter of the year.<\/p>\n

Canadian economic activity increased 0.5% in April, slightly higher than Statistics Canada’s 0.4% advance estimate, which was also the consensus view. The May advance reading was +0.1%.<\/p>\n

RBC writes:<\/p>\n

As expected, the increase was driven primarily by stronger activity in goods-producing industries, particularly mining, quarrying, and oil and gas extraction, alongside a pickup in manufacturing output. Service-producing industries also expanded, though at a more moderate pace.<\/p>\n

RBC highlights that trade will continue to be a drag as the USMCA countries intensify negotiations around tweaks to the agreement. The small advance gain in May matches with what RBC is seeing.<\/p>\n

Manufacturing and home resales strengthened in May, with the latter posting its largest monthly increase since October 2024. Those gains were partly offset by weaker wholesale activity, suggesting trade-related headwinds continued to weigh on parts of the goods sector. That said, as-reported today’s data is tracking some upside risk to our forecast for a 1.7% (annualized QoQ) increase in Q2.<\/p>\n

They highlight other May data that has shown. Manufacturing sales rose 1.1%, led by motor vehicle production in the month and home resales increased 5.1%, the strongest monthly gain since October 2024. Total hours worked rose 0.6%, highlighting resilience int he jobs picture.<\/p>\n

The loonie had a rough start to the year but is flat today at 1.4200.<\/p>\n

Wednesday is a holiday in Canada so markets will be closed and Canadian dollar trading will be light.<\/p>\n","protected":false},"excerpt":{"rendered":"RBC Economics highlights a firmer start to Q2 in today’s Canadian GDP report after a small contraction in…\n","protected":false},"author":2,"featured_media":526479,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[72,113,61,60],"class_list":["post-526478","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-economy","tag-ie","tag-ireland"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/526478","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=526478"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/526478\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/526479"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=526478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=526478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=526478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}