Investment Solutions for Municipalities

Economic Review: The Data Growth Canadian GDP dipped in Q2 to 1.1% vs. the 2.5% gain that had been expected The dip was the first quarterly contraction since the first wave of Covid last year and begins Q3 on soft footing Revisions were to blame as the economy was weaker than previously suggested by Stats Canada ✓ The sizeable decline a surprise driven by contractions in energy and motor vehicle shipments 006° Despite the rebound in job growth, it seems like GDP hasn't kept up and now we are about to enter a fourth wave that will test the economy again CIBC CONFIDENTIAL 5 0 -5 -10 Output Gap (% of Potential GDP) US Canada -15 2019 2020 2021 2022 2023 9

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