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Statistics Canada says GDP grew at 5.4% annual rate in Q3

Economy edged up by 0.1% in September
Statistics Canada’s offices at Tunny’s Pasture in Ottawa are shown on Friday, March 8, 2019. THE CANADIAN PRESS/Justin Tang

Statistics Canada says the economy grew at an annual rate of 5.4 per cent in the third quarter of this year.

The result is a turnaround for an economy that shrank in the second quarter, and outpaced economists’ expectations for growth in real gross domestic product between July and September.

Statistics Canada says household spending rose in the quarter as restrictions eased, creating a greater demand for exports.

The quarter ended with the economy edging up by 0.1 per cent in September.

The agency also says that preliminary data suggests the economy grew by 0.8 per cent in October to start the final quarter of the year.

Statistics Canada says that with that estimate, total economic activity was about 0.5 per cent below the pre-pandemic level recorded in February 2020.

—The Canadian Press