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Canada GDP Growth 0.0% m-o-m AR (consensus 0.1%) in Aug-23

- Canada's GDP growth rate remained stagnant in August 2023, showing no change from the previous month.
- The current stagnation is below the one-year average by 0.06 percentage points and the long-run average by 0.20 percentage points, indicating potential underlying issues in the economy.

Bank of Canada: Oct-23

• The Bank of Canada maintains its policy interest rate at 5%, emphasizing a balanced approach amidst a shifting global and domestic economic backdrop.
• While there are signs of monetary policy's effectiveness in cooling price pressures, challenges persist due to energy prices and structural pressures in housing. The aim remains to reach a 2% inflation target by 2025.
• The bank is vigilant of various economic indicators and has expressed its readiness to adjust the policy rate if necessary, aiming to ensure long-term price stability in the Canadian economy.