OTTAWA –
The national statistics office is scheduled to say this morning what the pace of economic growth was in October, and give a first glimpse of November’s figure.
Last month, Statistics Canada’s preliminary data suggested the economy grew by 0.8 per cent in October to start the final quarter of the year.
The agency said that estimate put total economic activity about 0.5 per cent below the pre-pandemic level recorded in February 2020.
RBC economists Nathan Janzen and Claire Fan say they expect that today’s report on gross domestic product will show October’s finalized figure matches the preliminary estimate.
The duo say positive retail, wholesale and manufacturing sales numbers helped drive the growth in October, all of which is tied to a rebound in the auto sector after a sluggish September.
Janzen and Fan also expect November’s early GDP estimate to show growth at a pace of 0.7 per cent.
This report by The Canadian Press was first published Dec. 23, 2021.
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