FILE PHOTO: A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto, January 23, 2015.
REUTERS/Mark Blinch/File PhotoOTTAWA (Reuters) - Canada’s economy grew by a record 40.5% on an annualized basis in the third quarter, rebounding from a historic plunge in the second quarter, as businesses and stores reopened from COVID-19 lockdowns, Statistics Canada said on Tuesday.
The annualized gain for the third quarter is lower than the 47.6% increase forecast in a Reuters survey of analysts.
“The increase in GDP in the third quarter reflected reopening of the economy, with substantial upturns in housing investment, household spending on durable goods, and exports,” StatsCan said.
Despite the rebound in the third quarter, economic activity remains 5.3% below the fourth quarter of last year, before the pandemic hit, StatsCan said.
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