Canadian Economy Expands at 1.7% in Q3

The Canadian economy expanded at an annualized rate of 1.7 per cent in the third quarter of 2017 as weaker exports applied downward pressure on growth.

Statistics Canada says the increase in real gross domestic product was driven by a one per cent expansion in household spending.

But it says exports fell on a quarter-over-quarter basis of 2.7 per cent, which included a 3.4 per cent decline in goods exports that followed three quarters of growth.

The statistical agency also made a downward revision to Canada’s real GDP growth for the second quarter — dropping it to an annualized rate of 4.3 per cent compared with its initial reading of 4.5 per cent.

Economists had expected growth in the third quarter to come in at an annualized rate of 1.6 per cent, according to Thomson Reuters.

via CBC

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