The number of the day is 2 percent. Which is economic growth for the third quarter of the year – the months July through September. And given the fears at the beginning of the year that we could land up with negative growth – this is good news! But there’s a bigger context to consider. But overall the economy is still expected to grow by less than 1 per cent this year. Or 0.7 per cent according to the Treasury, Reserve Bank and the International Monetary Fund. And that’s not fast enough to create much needed jobs. Remember the economic blueprint , the NDP , proposed creating 11 million jobs by 2030, but that’s achievable only if our economy grows at close to 5.5% every year. So we’re nowhere near that. And we’re underperforming when the rest of the world is – in some respects – picking up speed. Overall growth for last year came in at just 0.3 per cent last year. There was negative growth in the fourth quarter of last year and the first quarter of this year meaning a recession. Then we exited that with growth of 2.5%. This time we’ve added two per cent. Economic growth figures generally relate to quarter on quarter growth – so the third quarter is being compared to the second. When the third quarter is compared to the same quarter last year – the economy grew by 0.8 per cent.
Overall it’s better than what economists had expected.
But still not enough.
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