Canadian Monthly Real GDP (July) - September 30, 2020

Canadian Monthly Real GDP (July)  - September 30, 2020

Canadian real GDP grew 3 percent in July, following a record 6.5 percent increase in June.  However, even after three consecutive months of strong growth, the Canadian economy remains about 6 percent below its pre-pandemic level of output.  All 20 Canadian industrial sectors posted increases in July, with the real estate sector surpassing its pre-pandemic level of GDP.

Statistics Canada's preliminary estimate for August's real GDP growth is 1 percent, which means that third-quarter real GDP growth is currently tracking at close to 10 percent, or about 40 percent on a quarterly annualized basis.  Still, even that unprecedented level of growth would still leave the Canadian economy about 4 percent below its pre-pandemic level. From there, we anticipate a strong, albeit slower rate of growth as the economy heals and enters a “recuperation phase.”

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