Statistics Canada says economy grew at a record pace in third quarter of 2020

Statistics Canada says the economy grew at a record annualized pace of 40.5 percent in the third quarter as businesses came out of COVID-19 lockdowns.

Financial data firm Refinitiv says the average economist estimate was for an annualized growth rate of 47.6 per cent for the quarter.

The rebound over July, August and September was a sharp turnaround from the preceding three-month stretch saw a record drop. Driving the bounce-back were the further rolling back of public health restrictions that allowed businesses to reopen.

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

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