Key Takeaway:
- Statistics Canada is planning to report this morning how the Canadian economy proceeds during the third quarter of the year.
- The figure is to be finalized today after the agency receives additional data to determine if the economy did indeed rebound from a contraction of 1.1 percent in the preceding three-month stretch.
Statistics Canada is planning to report this morning how the Canadian economy proceeds during the third quarter of the year.
Late last month, the statistics agency initially estimated that actual gross domestic product grew at an annual rate of 1.9 percent between July and September.
The figure is to be finalized today after the agency receives additional data to determine if the economy did indeed rebound from a contraction of 1.1 percent in the preceding three-month stretch.
The consensus expectation from economists is that GDP grew in the quarter at an annual rate of about three percent, which would be below the Bank of Canada’s projection of 5.5 percent.
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CIBC senior economist Royce Mendes says some growth that didn’t happen in the third quarter may get pushed to the final trimester of 2021 but could be impacted by flooding in British Columbia.
TD senior economist Sri Thanabalasingam also warns that growth through the end of the year could take a hit from the Omicron variant of COVID-19 that could be more transmissible.
Source-CTV News
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