Monday Monitor: June 5th 2017 Economic Growth

“We are raising our GDP growth forecast for 2017 to 2.4%”. An update from our partners at National Bank Financial (NBF Economics) after the better-than-expected handoff from last year in 2016 (after upward revisions to Q4). In addition, Q1’s solid start coupled with economic growth in March 2017 was surprisingly strong. Another good piece of news is Canadian labour productivity registered its second biggest quarterly gain in the last 10 years, rising 1.4% in Q1.

In April 2017, the merchandise trade deficit narrowed to just C$0.4 billion from a revised C$0.9 billion in March. Exports rose 1.8% to a record high of C$47.7 billion, led by gains for energy products. For more detailed insight enjoy a full report from NBF Economics:

Canada's GDP 2017 Forecast
Canada’s GDP 2017 Forecast from NBF Economics