By Canadian Press

Statistics Canada scheduled to detail third quarter GDP figures

Nov 30, 2021 | 2:01 AM

OTTAWA — Statistics Canada is scheduled to report this morning how the Canadian economy fared during the third quarter of the year.

Late last month, the statistics agency initially estimated that real gross domestic product grew at an annual rate of 1.9 per cent between July and September.

The figure is to be finalized today after the agency received additional data to determine if the economy did indeed rebound from a contraction of 1.1 per cent in the preceding three-month stretch.

The consensus expectations from economists is that GDP grew in the quarter at an annual rate of about three per cent, which would be below the Bank of Canada’s projection of 5.5 per cent.

CIBC senior economist Royce Mendes says some growth that didn’t happen in the third quarter may get pushed to the final trimester of 2021, but could be impacted by flooding in British Columbia.

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TD senior economist Sri Thanabalasingam also warns that growth through the end of the year could take a hit from the Omicron variant of COVID-19 that could be more transmissible.

This report by The Canadian Press was first published Nov. 30, 2021.

The Canadian Press