According to a report by Jin Shi Data, Derek Holt, an economist at Canada's Scotiabank, 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 cut interest rates again.
Holt pointed out that the data shows that 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.
The growth in the third quarter was hampered by a reduction in inventory accumulation, but consumer spending rebounded. Holt also mentioned that strong income growth coexists with a high savings rate, believing that there are no signs that the central bank should raise interest rates by 50 basis points in December.