07:49 AM EST, 12/03/2024 (MT Newswires) -- Despite the positivity brought on by upward revisions to Canada's real gross domestic product, one sore spot remains: growth

lags the still-strong population surge, noted Bank of Montreal (BMO).

In fact, real GDP per capita has been declining for six straight quarters to Q3, which ties the early 1980s for the longest such

streak on record -- series goes back to 1961, said the bank.

Real GDP per capita is one way to measure the standard of living, so its deterioration is a reason why it may 'feel' like a recession to some Canadians, even if the economy hasn't experienced the typical two-quarters of contraction, stated BMO.

With population growth looking to downshift to a more "manageable" pace, and the economy showing signs of rebounding alongside monetary policy easing, the bank expects this 'vibecession' -- as the Canadian finance minister famously put it recently -- to dissipate next year.