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Canada’s economy beat expectations in August but likely slowed in September

Click to play video 'Coronavirus: Freeland says fighting COVID-19 ‘isn’t cheap’' Coronavirus: Freeland says fighting COVID-19 ‘isn’t cheap’
Deputy Prime Minister and Finance Minister Chrystia Freeland in speaking about how the government has responded to COVID-19 on Wednesday said that fighting the coronavirus “isn’t cheap,” citing things like medical equipment and testing. She said there’s an added, “even more expensive” cost by limiting social contact and in turn, limiting economic activity. – Oct 28, 2020

Statistics Canada says the pace of economic growth slowed in August as real gross domestic product grew 1.2 per cent, compared with a 3.1 per cent rise in July.

The August figure was stronger than the average forecast of 0.9 per cent for August provided by economists polled by financial data firm Refinitiv.

READ MORE: When did you last work? 1.3M jobless Canadians have passed critical 6-month mark

But in a preliminary estimate, Statistics Canada says growth for September slowed to about 0.7 per cent.

The agency says overall economic activity was still about five per cent below the pre-pandemic level in February.

 

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