The Canadian economy roared back to life in the third quarter, recording its biggest ever expansion, but it was a lower than expected increase and early data show the momentum is quickly cooling amid a second wave of COVID-19.
Gross domestic product rose by an annualized 40.5 per cent in the July to September period, Statistics Canada reported Tuesday in Ottawa, erasing much of the record 38.1 per cent drop in the second quarter. Economists were predicting a 48 per cent increase. The rebound brings total output to 95 per cent of end of 2019 levels.
Early success controlling the spread of the virus allowed the economy to rebound quickly, as massive government aid propelled consumer spending and low interest rates fueled a surge in the housing market. However, a flash estimate puts growth at 0.2 per cent in October, a sign measures imposed to reduce the spread of COVID-19 are already halting momentum.
Household consumption was a key driver in the third-quarter, rising 63 per cent annualized. Residential investment surged 187 per cent on the back of strong housing starts and renovations.
The quarter ended on a relatively strong note with September GDP rising 0.8 per cent. Economists were expecting 0.9 per cent growth.
https://news.google.com/__i/rss/rd/articles/CBMiXWh0dHBzOi8vd3d3LmJubmJsb29tYmVyZy5jYS9jYW5hZGlhbi1nZHAtbm9zZWRpdmVzLWFmdGVyLXJlY29yZC10aGlyZC1xdWFydGVyLXN1cmdlLTEuMTUzMDAyMdIBAA?oc=5
2020-12-01 13:46:27Z
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