airing now
airing nowConnect FM

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

BY The Canadian Press, Dec 1, 2020 8:34 AM - REPORT AN ERROR

Statistics Canada building and signs are pictured in Ottawa on Wednesday, July 3, 2019.THE CANADIAN PRESS-Sean Kilpatrick

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.

Latest News

Share on

Sign up for the newsletter
We'll deliver best of entertainment right into your inbox
We love to hear from our listeners, so feel free to send us message
whatsUp icon
Message us on whatsapp