National Bank On What It Will Be Watching Out For In Economic Data Next Week

04:29 PM EST, 11/21/2025 (MT Newswires) -- National Bank noted the release of Q3 GDP data next Friday will attract a lot of attention.

According to National Bank, international trade is expected to have contributed significantly to growth during the quarter, with exports rebounding after a collapse in the second quarter. This tailwind is expected to have been at least partially offset by a negative contribution from inventories. Turning to domestic demand, National Bank said government and household spending are expected to have continued to expand, although in the latter case, the rate of increase may have slowed considerably compared to Q2. Residential and non-residential investment, on the other hand, likely contracted, with the latter segment suffering from a decline in machinery and equipment spending.

Published at the same time, National added industry data could show a 0.2% expansion of economic output in September, with positive contributions from finance/insurance, manufacturing and mining/ quarrying/oil and gas extraction having likely been only partially offset by a decline in retail trade.

According to National Bank, balance of payments data published on Thursday for the third quarter could show the current account deficit narrowing from an all-time high of C$21.16 billion to C$16.50 billion, reflecting significant improvements in both the goods and services trade balances.

National will also keep an eye out Thursday for the publication of the September Survey of Employment, Payrolls and Hours (SEPH).

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