Yikes! - Q3 Real GDP Growth = 0.4%

We knew it was going to be far worse than what the Bank or Bay Street was forecasting, but I still expected growth to come in around 1% for the third quarter. Imports subtracted over 2% from growth and businesses have still refrained from significantly adding to inventories.

Real GDP growth for Q2 was revised up ever so slightly from -3.4 to -3.1.

With such slim growth, there is a good chance that Q3 may be revised into negative territory, indicating that the recession did not end in early Q3 as previously believed.