December 01, 2020, by The Canadian Press
Statistics Canada said the economy grew at a record annualized pace of 40.5% in the third quarter of 2020 as businesses came out of COVID-19 lockdowns.
The previous record for quarterly growth in real gross domestic product was 13.2% in the first quarter of 1965, the agency said.
As historic as the rebound was, it fell short of expectations.
Statistics Canada also said there was a substantial increase in the housing market owing to low interest rates, as well as household spending on goods like cars.
Despite the overall increase, the national statistics office said real gross domestic product still remains shy of where it was before the pandemic.
Canada’s economy bounced back at record 40% pace in third quarter â€” but GDP still below pre-COVID level
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