Latest reading on economy expected to show strong growth for third quarter
Signage marks the Statistics Canada offices in Ottawa on July 21, 2010. (The Canadian Press/Sean Kilpatrick)
The Canadian Press
Published Wednesday, November 30, 2016 5:29AM EST
OTTAWA -- The latest reading on how the Canadian economy is faring is due out this morning.
Statistics Canada will release its results for economic growth in the third quarter.
Economists are expecting strong numbers for the quarter as the economy rebounded from the contraction seen in the second quarter.
The improvement would follow a pullback due to a drop in exports as well as the wildfires in Alberta that forced the evacuation of Fort McMurray and shut down production in the oilsands.
According to Thomson Reuters, economists expect the numbers to show the economy grew at an annualized pace of 3.4 per cent in the third quarter.
But how much momentum the economy will carry into the final three months of the year is a point of concern for economists.
In a report last week, TD Bank said the economic data for September has been mixed with healthy retail sales but other signs of weakness.
"Economic momentum in September is thus expected to point to an economy that has returned to its 'business as usual' of sub-two per cent growth," the bank said.
The economic data comes ahead of the Bank of Canada's announcement next week on its key interest rate target.
Economists widely expect the central bank to keep the rate on hold at 0.5 per cent where it has been set since last year.