Statistics
Canada reported on Tuesday that the country’s gross domestic product (GDP)
edged up 0.1 percent m-o-m in September after an upwardly revised 0.6 m-o-m advance
(from 0.4 percent m-o-m) in August.
That
was in line with economists’ forecast for a 0.1 percent m-o-m uptick.
In
the third quarter of 2021, the Canadian GDP rose 1.3 percent q-o-q, following a
downwardly revised 0.8 percent q-o-q contraction (from -0.3 percent q-o-q) in
the second quarter.
According
to the report, the q-o-q increase in GDP was driven by gains in household consumption
expenditure (+4.2 percent q-o-q) and exports (+1.9 percent q-o-q) amid a resumption
of normal operations in Canada and abroad, as COVID-19 restrictive measures
were relaxed, which, however, were partly offset by a significant drop in investments
in residential structures (-8.9 percent q-o-q) and increased withdrawals of
inventories.
Expressed
at an annualized rate, Canada’s GDP jumped 5.4 percent in the third quarter
after a downwardly revised 3.2 percent drop (from -1.1 percent) in the previous
quarter. This was better
than economists’ forecast of a 3.0 percent growth.