Gross domestic product increased at an annual rate of 2.6 per cent in the third quarter, more than offsetting a decline of 1.8 per cent in the second quarter, Statistics Canada reported. The rebound exceeded the Bank of Canada’s forecast for growth of 0.5 per cent between July and September. (The Logic)

Talking point: GDP is a crucial indicator. It’s also an imperfect one. Imports of goods and services are important sources of value, yet they subtract from economic output because money leaves the country to pay for them. The second-quarter decline was exaggerated by Cenovus taking delivery of a platform module for its White Rose offshore oil project in Newfoundland and Labrador. The third-quarter gain was flattered by the subsequent decline in imports, the biggest since 2022. Real-estate investment picked up, but household and government consumption declined. Business investment was little changed and a separate monthly survey said GDP probably dropped in October. Bottom line: Canada survived the tariff shock, but it isn’t thriving.