Markets will be more or less focused on a four-day cycle next week, with U.S. markets closed Monday for Memorial Day..

In Canada, the week starts quietly, but on Thursday industrial prices are due to be released.

On Friday, real GDP by industry for March will be released, along with the national economic accounts for the first quarter and the balance of payments for the first quarter.

BMO Nesbitt Burns says output is projected to rise at a 5.4% annual rate. “This would put a rather emphatic punctuation mark on the slowdown, and would represent the strongest quarterly growth rate in two years. Growth will be led by another crackling performance by housing, solid consumer spending and a recovery in exports and inventories.”

“Canada’s first quarter GDP data will look similar to those in the U.S., once one accounts for the relationship between Canadian export growth and the swing in American inventories,” says CIBC World Markets. “The numbers remain supportive for the Bank of Canada’s case to remain on a gradual tightening cycle, as the soft figure for March GDP will counter any temptation to use the quarterly figure as a justification for accelerating to 50 basis point rate hikes.”

BMO also notes that the current account surplus looks to have widened again in the first quarter of this year. “We look for the broader current account surplus to widen to a $23.5 billion annual rate from $13 billion in Q4. The latest reading will bring the surplus close to last year’s record of $29.1 billion, and will represent just over 2% of GDP.”

In the U.S., Tuesday brings the Conference Board’s consumer confidence numbers for May, existing home sales for April and personal income and expenditures also for April. On Friday, non-farm productivity and factory orders numbers are out.

CIBC World Markets notes that the market will be light on data, and corporate news is also slowing in the gap between earnings reports and the next earnings warning season. “Consumer confidence tops the calendar, but we would be surprised to see a further extension higher until the employment reports are in better shape. Might be a good week to tack on a couple of off days to the Memorial Day holiday.”

Bank of Montreal and Bank of Nova Scotia both report earnings on Tuesday. B2B Trust, Laurentian Bank and National Bank are all set to report on Thursday.

Vincor International Inc. also reports on Thursday, Cara Operations Ltd. is scheduled to announce its results on Wednesday. Goldcorp Inc., North American Palladium, and Van Houtte Inc. should be reporting sometime during the week, too.