Global Markets: Canada’s economy expands in third quarter

WINNIPEG – The following is a glance at the news moving markets in Canada and globally.

– Statistics Canada announced on Tuesday that Canada’s gross domestic product (GDP) grew by 1.3 per cent from July to September as the easing of COVID-19 restrictions allowed for more consumer spending. The total value of all goods and services was C$2.093 trillion in the third quarter, with 14 per cent more spending on semi-durable goods and six per cent more on services. Preliminary data also showed that the economy grew by 0.8 per cent in October alone.

– As of Tuesday, unvaccinated travellers under the age of 12 will not be able to board a plane or train in Canada. The Canadian government’s measure was announced in October, but has become timely after the emergence of the Omicron COVID-19 variant. There are no quarantine measures except for those travelling through southern Africa. Some exceptions to the new rule include those with valid medical exemptions, travel to remote northern communities and those transiting through Canada to another destination.

– The Canadian National Railway (CN) shut down its service along its main freight corridor in British Columbia on Monday due to increased debris, washout and landslide activity. CN said it moved seven trains over the weekend and northbound and eastbound traffic in and out of Vancouver are still affected.

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