Canada’s economy grew by 0.4 per cent in October, the sixth straight month of expansion after a record-setting plunge in April.
Statistics Canada said Wednesday that the country’s gross domestic product grew thanks to a 0.1 per cent expansion in goods-producing industries,
and a 0.5 per cent increase from the service sector.
The overall gain is slightly better than the 0.3 percent that economists been expecting.
The numbers mean that as of October,
the total value of all economic activity in Canada was worth just over $1.9 trillion,
on a seasonally adjusted annual rate.
In February, before COVID-19 hit, the economy was producing just over $2 trillion, at a seasonally adjusted annual rate.
That means despite six straight months of growth,
Canada’s economy is still producing $83 billion less than it was before the pandemic hit.