Doug Porter, chief economist at Scotiabank Canada, said that according to the latest data revisions, Canada's productivity has changed from a “state of national emergency” described by senior central bank officials to a situation where “not ideal, but efforts can still be made.” This revaluation stems from third-quarter data showing that GDP data for previous years was systematically revised — after the revisions, Canada's productivity in 2022, 2023, and 2024 all increased 0.7 percentage points. Porter called this a “huge adjustment.” He added, “Productivity growth has indeed slowed in recent years, but there has been no cliff-style decline.” The revised economic data may be good news for the Bank of Canada.

Doug Porter, chief economist at Scotiabank Canada, said that according to the latest data revisions, Canada's productivity has changed from a “state of national emergency” described by senior central bank officials to a situation where “not ideal, but efforts can still be made.” This revaluation stems from third-quarter data showing that GDP data for previous years was systematically revised — after the revisions, Canada's productivity in 2022, 2023, and 2024 all increased 0.7 percentage points. Porter called this a “huge adjustment.” He added, “Productivity growth has indeed slowed in recent years, but there has been no cliff-style decline.” The revised economic data may be good news for the Bank of Canada.