Canada’s economy grew at a record pace in the third quarter

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OTTAWA – The economy grew at a record annualized rate of 40.5% in the third quarter, Statistics Canada reported on Tuesday.

Financial data firm Refinitiv said economists on average expected an annualized growth rate of 47.6% for the quarter.

The rebound in July, August and September was a sharp turnaround from the previous three months, which had posted record declines.

The rebound was due to the easing of public health restrictions that allowed businesses to reopen.

According to Statistics Canada, the housing market has grown considerably due to low interest rates.

Despite the overall increase, the national statistics office says real gross domestic product still remains far from what it was before the pandemic.

The Canadian Press

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