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Canadian economic growth in October exceeded forecasts

According to the Canadian Statistical Office, Canada's GDP in October this year increased by 0.4% compared to September. The economic recovery in that month exceeded the forecast of experts, who had expected the economy to expand by only 0.3%.

After a significant recovery in the Canadian economy in the third quarter, analysts expected that the increase in the number of COVID-19 diseases, which tripled the number of infected people compared to the spring statistics, would significantly weaken economic activity in the country.

However, October data eased concerns about a significant slowdown in economic growth. The Canadian government has high hopes that it plans to vaccinate as many Canadians as possible in December. On October, 16 out of 20 sectors of the Canadian economy showed expansion.

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