08:10 AM EDT, 08/30/2024 (MT Newswires) -- Canada updates a wave of gross domestic product (GDP) reports at 8:30 a.m. ET on Friday, noted Scotiabank.

The bank has estimated a flat June GDP with downside risk in light of data it received since Statistics Canada issued its preliminary 'flash' reading of 0.1% m/m at the end of July.

Scotiabank said it wouldn't be surprised to see a strong gain in July, however, given tracking of various readings including a 1% m/m surge in hours worked.

Q2 GDP overall is expected to grow by 1.8% q/q seasonally adjusted annual rate (SAAR), stated the bank. A solid July number combined with a soft end to Q2 could bake in solid momentum into Q3 and perhaps support the Bank of Canada's (BoC) July Monetary Policy Rate (MPR) forecast for a strong 2.8% Q3 GDP growth rate.

Canada's bond market shuts early at 1 p.m. ET Friday ahead of the Labour Day weekend in Canada, added Scotiabank.