Economy News

Canadian economy soars 40.5 pct in Q3

Canada saw its economy grow at an annualized pace of 40.5 percent in the third quarter this year, rebounding from a historic plunge in the second one, Statistics Canada said Tuesday.

Statistics Canada attributed the rebound to the further rolling back of public health restrictions that allowed businesses to reopen amid fewer COVID-19 cases in the country.

The country saw its gross domestic product grow 0.8 percent in September, following an increase of 0.9 percent in August.

This fifth consecutive monthly increase continued to offset the steepest drops on record in Canadian economic activity observed in March and April.

However, total economic activity was about 5 percent below February's pre-COVID-19 pandemic level.

Statistics Canada also estimated the economy could rise 0.2 percent in October.

Canada is in the second wave of the COVID-19 pandemic and a number of provinces have already imposed new restrictions, and in some cases targeted lockdowns, in an effort to stem the pandemic spread. 

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