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The Canadian economy contracted 0.1 per cent in August following an essentially flat July. Declines at the industry level were led by manufacturing, and oil and gas extraction.

Based on the first two months of GDP data for the third quarter, we would estimate that the Canadian economy grew a modest 2 per cent from July to September.

That would mark a significant slowdown from second quarter growth of 3.2 per cent and provides additional cover for the Bank of Canada to keep rates unchanged for a considerable amount of time.

BCREA

october 31, 2014

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