According to a report by Jinshi Data, Derek Holt, an economist at Scotiabank in Canada, stated that despite the slow growth of the Canadian economy, the latest GDP report details are better than expected, suggesting that the central bank should not significantly lower interest rates again.
Holt pointed out that the data shows the weakness of the Canadian economy is not as severe as expected. After quarterly adjustments, the Japanese economy grew by 1.45% by the end of the second quarter.
Growth in the third quarter was dragged down by a reduction in inventory accumulation, but consumer spending has rebounded. Holt also mentioned that strong income growth coexists with a high savings rate, believing there are no signs indicating that the central bank should raise interest rates by 50 basis points in December.