The Canadian economy sprinted to the finish line of 2020 with nearly double-digit growth in the fourth quarter, ending its worst year on record on a strong note that has continued into the start of 2021.
The pace of Canada's economic rebound from the COVID-19 pandemic slowed in July, and maybe even more in August, Statistics Canada says, suggesting the country is in what experts described as a long, choppy path to recovery.
Canada's central bank was leaning towards cutting its trend-setting interest rate this week before the novel coronavirus pushed it to take a more dramatic step to get ahead of the shock the outbreak will have on the economy, Bank of Canada governor Stephen Poloz says.
Canada's economy contracted slightly in October, with real gross domestic product down 0.1 per cent from September — the first month-to-month decline since February, Statistics Canada reported on Monday, December 23, 2019.
Canada's unemployment rate nudged down to a near four-decade low last month as the economy added more jobs than analysts expected — dropping an economic figure into a tight electoral race, and warnings from economists that things may not be as rosy as they seem.
The improved economy is expected to give the Trudeau government more fiscal room than anticipated in next week's pre-election budget — but a wobbly economic finish to 2018 means conditions could look much different as the October vote approaches.