The Canadian economy grew slightly in October with the latest reading on real gross domestic product coming in higher than expected.
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Performing arts, spectator sports and heritage institutions industries grew by 4.7 per cent amid more Toronto Blue Jays games than usual in October and a late start to the NHL pre-season. The initial estimate for November indicates real GDP was essentially unchanged for that month, but the agency cautioned the estimate would be updated next month.
“Though there will be a lot of data coming out between now and the Bank of Canada’s next policy decision in late January, we think the bank has another hike left in store,” he said. “That would bring the policy rate to a very restrictive 4.5 per cent.”
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