OTTAWA – The economy continues to recover from the bleakest days of the pandemic, but the pace has slowed, as expected.
According to Statistics Canada, gross domestic product rose by 1.2 per cent in August from July, which gained a revised 3.1 per cent.
Canada's economy grew by 1.2% in August from July which gained a revised 3.1%. Statistics Canada's estimate for September's GDP growth is 0.7%. It would mean growth was 10% in the third quarter vs Q2. pic.twitter.com/PXLzrh5ulT
— Richard Dettman (@rwdettman) October 30, 2020
The growth in August came as goods-producing industries rose 0.5 per cent and the services industries climbed 1.5 per cent.
Overall, the agency says economic activity was still about five per cent below the pre-pandemic level in February.
Statistics Canada’s estimate for September’s GDP growth is 0.7 per cent, and adds that month’s estimate implies a third-quarter growth of 10 per cent over Q2, which would work out to a stunning 46.4 per cent annualize surge.
Economists are expecting the rebound to continue slowing, with worries now shifting to the potential economic damage from the second wave of COVID-19.
Richard Dettman will have more in Business at :26 and :56.