A key indicator to measure living standards has dropped for the fifth consecutive quarter in Canada, with the latest reading being called “unprecedented outside a recession” by the National Bank.
The bank’s Monthly Economic Monitor for December and January says that GDP per capita recorded an annualized contraction of 4.4 percent in the third quarter.
The indicator measures the economic output per countries’ populations. Statistics Canada said in a mid-November analysis that per capita output and business productivity are “trending lower” and below pre-pandemic levels.
