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Canada's GDP sees massive growth in Q3

Last Updated Dec 1, 2020 at 7:10 am MDT

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

GDP grew at record annualized pace of 40.5 per cent in Q3: StatCan


Record GDP growth in third quarter came as businesses reopened following COVID-19 lockdowns


OTTAWA – Statistics Canada says the country’s gross domestic product jumped a record 40.5 per cent in the third quarter, between July and September, on an annualized basis.

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 the summer months was a sharp turnaround from the preceding three-month stretch that saw a record drop.

Driving the bounce-back over July, August, and September was 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.

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