GDP figures for the third quarter released by Statistics Canada


Statistics Canada is scheduled to report this morning how the Canadian economy performed in the third quarter of the year.

Late last month, the statistics agency initially estimated that real gross domestic product grew at an annual rate of 1.9% between July and September.

The number will be finalized later today after the agency receives additional data to determine if the economy has indeed recovered from a 1.1% contraction in the previous three months.

The consensus expectation from economists is for GDP to grow in the quarter at an annualized rate of about 3%, well below the Bank of Canada’s forecast of 5.5%.

Some growth that didn’t happen in the third quarter could be pushed into the final quarter of 2021, but could be impacted by flooding in British Columbia, CIBC senior economist Royce Mendes said.

TD senior economist Sri Thanabalasingam also warned that year-end growth could be hit by the Omicron variant of COVID-19 which could be more contagious.

This Canadian Press report was first published on November 30, 2021.

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