It hasn’t been a week since the Bank of Canada released its MPR, and its forecasts are already looking suspect. The projection for quarterly real GDP growth in 2017Q3 was revised downwards from 2.0% annualized to 1.8% after the July 2017 update showed no growth in July.  The July revision raised the growth rate very slightly (to 0.02% annualized!) but August showed an unexpected drop. Now the economy would have to grow at a 2.3% annualized rate in September just to meet this modest target. This is possible, but seems unlikely given BC forest fires and cooling housing markets. It could be that the 2.5% growth rate forecast or 2017Q4 was also optimistic.