Canadian real GDP grew approximately by 10% in the third quarter, according to Statistics Canada's preliminary estimate published last October 30. That growth follows two quarters of contraction concentrated in March and April.
In its Monetary Policy Report, published October 28, the Bank of Canada mentionned that the progression of the economy from July to September reversed "... about two-thirds of the decline observed in the first half of the year..." (page 13). The Bank projects that the economic activity will grow by only 0.2% in the fourth quarter. Growth would be stronger in 2021 and 2022 to average close to 4% in both years. " This implies that GDP does not return to its pre-pandemic level until the start of 2022..." according to the Bank (page 18). This means that the economic phase of expansion would only begin at that time.
