Statistics Canada says the economy grew at a record annualized pace of 40.5 per cent in the third quarter as businesses came out of COVID-19 lockdowns.The previous record for quarterly growth in real gross domestic product was 13.2 per cent in the first quarter 1965, the agency says.
Fiscal update would boost child benefit and wage subsidy, calls for airline refunds As historic as the rebound was, it fell short of expectations.Financial data firm Refinitiv says the average economist estimate was for an annualized growth rate of 47.6 per cent for the quarter.The rebound over July, August and September was a sharp turnaround from the preceding three-month stretch which saw a record drop.Driving the bounce-back were the further rolling back.