Statistics Canada reported that against the background of easing coronavirus restrictions, GDP in the third quarter of 2021 amounted to 5.4%. This figure indicates that the economy was growing in the 3rd quarter, while in the 2nd quarter of 2021 it was declining. During this period, Canadians spent a lot and the savings rate fell from 14% to 11%. When some of the restrictive measures were lifted, residents of the country rushed to catch up with the pandemic: that is, visit bars, restaurants and other public places. It has been estimated that most of the money spent was in cafes, restaurants and hotels. Statistics Canada chief economist Avery Schoenfeld warned in a statement that the bright prospects for economic recovery could be darkened by the fact that the recently identified Omicron coronavirus strain will soon make its negative adjustments to the country’s economic recovery.
Statistics Canada: The national economy is growing
