Canada’s GDP rose 0.1 per cent in September
Posted November 30, 2021 5:39 am.
Last Updated November 30, 2021 8:53 am.
Statistics Canada says the real gross domestic product edged up 0.1 per cent in September, continuing on a trend of slow growth, more than a year and a half after COVID-19 first shuttered economies and businesses around the world.
The growths came as declines in certain industries were “more than offset by broad-based expansions in services-producing industries as well as in mining, quarrying and oil and gas extraction,” the agency says.
Preliminary reports show the GDP rebounded in October by 0.8 per cent.
Meanwhile, Statistics Canada says on a quarterly rate, the economy grew at an annual rate of 5.4 per cent in Q3 of this year.
The result is a turnaround for an economy that shrank in the second quarter, and outpaced economists’ expectations for growth in real gross domestic product between July and September.
Household spending rose in the quarter as restrictions eased, creating a greater demand for exports, the agency adds.
With October’s estimate, total economic activity was about 0.5 per cent below the pre-pandemic level recorded in February 2020.
