![Is Canada in a technical recession? StatCan to release latest GDP data - National](https://i0.wp.com/contentedreader.com/wp-content/uploads/2023/11/canada-gdp-report-2.jpg?resize=720%2C379&ssl=1)
Statistics Canada is set to release its gross domestic product reading for the third quarter Thursday morning.
The federal agency’s preliminary estimate suggested the economy shrank 0.1 per cent.
A decline in real GDP would mark the second consecutive quarterly contraction, meeting the definition of a technical recession.
However, economists tend to have a higher bar for calling a recession as they look for signs of a broader slowdown.
![Click to play video: 'Canada’s economy flat in July, signs of growth in August: StatCan'](https://i2.wp.com/media.globalnews.ca/videostatic/news/t99o6l2n7o-0k556c9l6t/ONLINE_STILL_CANADA_GDP_FLAT.jpg?w=1040&quality=70&strip=all)
The softening economy comes as high interest rates put a damper on business and consumer spending.
Forecasters anticipate that slowdown to continue into next year, likely leading to a rise in unemployment as well.
© 2023 The Canadian Press