Canada’s economy: What the latest GDP report means [Video]

OTTAWA –

Canada’s economy is likely to miss the Bank of Canada’s revised third-quarter forecast after a slew of temporary factors stalled gross domestic product growth in August, data showed on Thursday, at a time when business output was already anemic.

Economic growth for July also was revised downwards to 0.1 per cent from 0.2 per cent, Statistics Canada said, and added that preliminary data showed growth is likely to have rebounded to 0.3 per cent in September.

All this together translates to a 1.0 per cent annualized growth in the third quarter, lower than the Canadian central bank’s estimate of 1.5 per cent, a forecast that had already been revised down earlier this month.

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StatCan’s quarterly GDP figures are based on Canada’s industrial output, while the third-quarter figure, which is due to be released next month, …