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The Canadian economy saw negative growth in the third quarter, according to data released by Statistics Canada this morning.
This would have been the second straight quarter of negative quarterly growth—which some say would meet the technical definition of a recession—however, the StatCan revealed upward revisions to its Q2 data, which now show quarterly growth of 0.3%.
In September, real gross domestic product (GDP) edged up 0.1%, and the agency’s advance estimate for October is for 0.2% growth, "confounding expectations that activity would shrink in Q4,” noted BMO economist Douglas Porter.
"Whatever label you slap on this economy, it's basically not growing, despite the artificial sweetener of rapid population growth,” he added.
For the third quarter, StatCan noted that a decrease in international exports and slower inventory accumulation were partially offset by increases in government spending and housing investment, which rose 2% following five straight quarters of decline.
October GDP data will be released on December 22, while Q4 results will be released on February 29, 2024. |