Economy Up 1.2% in August
CBJ — The nation’s gross domestic product grew 1.2% in August, but the pace of economic growth slowed significantly from the 3.1% registered in July.
According to Statistics Canada preliminary data indicates a 0.7% increase in September, although the official number won’t be known for several weeks yet.
One of the main reasons for the slowdown in economic growth is of course due to the ongoing global pandemic and numerous signs that key regions throughout the country may have to invoke stricter social distancing protocols on concerns a second wave is now upon us. Cases of COVID-19 have been rising in recent weeks leading to increased restrictions on businesses in some areas of the country.
The overall economic activity for August was about 5% below the pre-pandemic level in February.