Statistics Canada is set to release its gross domestic product reading for the third quarter this morning. The Bay Street Financial District is shown with the Canadian flag in Toronto on Friday, August 5, 2022. CANADIAN PRESS/Nathan Denette
OTTAWA – Statistics Canada is set to release its gross domestic product reading for the third quarter this morning.
The federal agency’s preliminary estimate suggested the economy shrank 0.1 per cent.
A decline in real GDP would mark the second consecutive quarterly contraction, meeting the definition of a technical recession.
However, economists tend to have a higher bar for calling a recession as they look for signs of a broader slowdown.
The softening economy comes as high interest rates put a damper on business and consumer spending.
Forecasters anticipate that slowdown to continue into next year, likely leading to a rise in unemployment as well.
This report by The Canadian Press was first published Nov. 30, 2023.
