Statistics Canada Reports Real Gross Domestic Products Expanded in Q3

Statistics Canada reported today (12/1) the real gross domestic product (GDP) in Canada expanded at a rate of 8.9% in Q3 of 2020. This following an -11.3% fall in Q2 of 2020 and a -1.9% drop in Q1. Notwithstanding the strong growth in Q3 – the sharpest since quarterly data was first recorded in 1961 – real GDP was down -5.3% when with Q4 2019. The increase in Canada’s GDP in Q3 reflected reopening of the economy, with substantial upturns in housing investment, household spending on durable goods, and exports. These upturns were influenced by favorable mortgage rates, governments’ continued support to households and businesses affected by the pandemic, and growth in major trading partners’ economies in the third quarter.