Creeping Towards Recession? July GDP Results, August Flash Forecast, Released

Statistics Canada released July GDP figures today. Month over month, GDP grew by 0.1%, as compared with their earlier flash estimate of a decline of 0.1%. Construction overall was down 0.2%; unfortunately, no separate information on ICI construction was available. StatsCan's flash estimate for August called for no growth. These latest numbers, combined with the Bank of Canada's resolve to continue to raise interest rates to control inflation and the still-high inflation rates, indicate we may be moving to a (hopefully mild) recession in early 2023. You can read the report here.