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  • Nov 1st, 2005
  • Comments Off on Factory rebound powers Canada’s robust GDP growth
The Canadian economy surged 0.5 percent in August from July, topping market forecasts and firming expectations the Bank of Canada will continue to raise interest rates.

Statistics Canada said on Monday that August's jump in gross domestic product was led by an autos-driven rebound in manufacturing and wholesale trade. The rise beat analyst forecasts for a monthly gain of 0.4 percent.

A Statscan analyst said the last time that expansion exceeded this pace was in June 2004 when GDP grew 0.7 percent.

"This report will definitely keep the Bank of Canada on a tightening course," Bank of Montreal senior economist Sal Guatieri said from Toronto.

"The worst of the Canadian dollar's appreciation is behind us, which I think is key for the bank in its interest rate decision," he added, predicting 3.5 percent annualised growth for the third quarter. The Canadian dollar rose to C$1.1759 against the US dollar, or 85.04 US cents - near 14 year highs - from C$1.1779, or 84.90 US cents, at Friday's close.

Rising foreign demand for autos and parts led manufacturing growth, but production of plastics, rubber and fabricated metal products also rose.

Copyright Reuters, 2005


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