Canada’s Economy Recovered At Record Speeds of 40% in the Third Quarter

Despite the economic recovery GDP remains below pre-COVID levels

On Tuesday, Statistics Canada said the economy grew at a record annualized pace of 40.5% in the third quarter as businesses came out of the COVID-19 lockdowns.

The agency said the previous record for real gross domestic product growth was 13.2% in the first quarter of 1965.

Although this recovery is as historic, it fell short of expectations.

Financial data firm Refinitiv said the average economist estimate was the annualized growth rate of 47.6% for the quarter.

The rebound in July, August and September was a drastic change from the previous three months, which had seen a record drop.

Factors driving the economic rebound were the further rolling back of public health restrictions allowing businesses to reopen.

Statistics Canada also said there was a substantial increase in the housing market owing to low interest rates, as well as household spending on goods like cars.

Despite the overall increase, the national statistics office said real gross domestic product still remains shy of where it was before the pandemic.

CIBC senior economist Royce Mendes writes “The fourth quarter of 2020 is still beginning with some growth, though less than we had anticipated,”.

“Looking ahead, the economy faces a December with harsh restrictions that will likely see another contraction in economic activity.”

This content is also available in: Tiếng Việt

#seesomething, saysomething

Culture Magazin magazine always wants to listen and receive contributions from readers.
In case you submit articles about your ideas, interesting social events or hot news that you would like to share with us, email us at info@culturerus.com or inbox us at the FB page – https://www.facebook.com/culturemagazin.
Try our test reporter once. Quality articles will be selected and posted on Culturemagazin’s website and official social networking sites!
#seesomething, saysomething

Discover

Bài Liên Quan

The Government of Canada and Ontario Announces $590 Million Investment to Support the Ford Oakville Plant to Produce Electric Cars

On Thursday, October 8, Prime Minister Justin Trudeau and Ontario Premier Dough Ford attended a press conference to announce details of their...

Businesses Will ‘Soon’ Be Able to Transfer Rental Under the New Canada Program

Canada is implementing a new Covid-19 aid to grant rentals to businesses without being responsible for the tenants to request such assistance.

Cleaning supply related poisonings increase in Canada during the COVID-19 pandemic

In a report from Health Canada, there has been a large increase in accidental poisoning due to household cleaning supplies during the...

When Leaves Transform

Canada is a beautiful country that Mother Nature has blessed with many magnificent landscapes. While there are only rainy and sunny...

Experts Share Advice on Where Canadian Job Seekers Should Look

A recent survey conducted on behalf of staffing agency Express Employment Professionals (EEP) found that 31 percent of hiring decision-makers expect their...

Government of Canada Reveals New Immigration Priorities

Immigration will remain the centerpiece of Canada's economy and society. This was emphasized by Canadian Prime Minister Justin Trudeau...

Experts Worry Ontario’s New COVID-19 Guidelines Set The Requirements for Closures and Lockdown Too High

The new rules require positive rates above 10% before applying the red limit. One day after the province released...

This content is also available in: Tiếng Việt