By Canadian Press

StatCan to release August GDP report, estimate for third quarter economic growth

Oct 31, 2024 | 2:02 AM

OTTAWA — Statistics Canada is set to publish its August gross domestic product report, which will include an early estimate for economic growth in the third quarter.

The agency’s preliminary estimate for August suggested the economy did not grow that month.

RBC says it expects the economy remained weak in September as well, dampening growth for the third quarter.

The Bank of Canada projected in its latest monetary policy report that the economy grew at an annualized rate of 1.5 per cent in the third quarter.

The central bank delivered a half-percentage point interest rate cut last week in response to rapidly plummeting inflation.

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The Bank of Canada says it now wants to see economic growth pick back up again.

This report by The Canadian Press was first published Oct. 31, 2024.

Nojoud Al Mallees, The Canadian Press