Global Markets: Canadian economy bounces back in third quarter

National GDP increases by record amount

By MarketsFarm

WINNIPEG, Dec. 1 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– Statistics Canada reported on Tuesday that the country’s gross domestic product jumped by a record 40.5 per cent annualized in the third quarter. That eliminated the record plunge of 38.1 per cent the economy suffered in the second quarter, and brings Canada’s output to about 95 per cent of levels at the end of 2019. Household consumption was up 63 per cent overall, with a 187 per cent surge in residential investment.

– Canadian Finance Minister Chrystia Freeland announced C$100 billion in additional pandemic spending measures on Monday. Freeland’s fiscal update included federal money going towards a national childcare program, direct supports for low and middle-income families, and green projects. The bulk of the spending is to come after the COVID-19 pandemic has been brought under control. The federal deficit will increase to a record C$381.6 billion, with the national debt rising to C$1.12 trillion.

– Tensions between Australia and China were further strained on Tuesday after China tweeted a fake image of an Australian soldier killing an Afghan child. The image played on an Australian Defence Force report that said there’s credible information that 25 soldiers were involved in the murder of 39 Afghan civilians and prisoners between 2009 and 2013. Australia demanded an apology from China regarding the image, which China refused to do.

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