Statistics Canada says GDP grew at an annual rate of 2.9 per cent, well ahead of the Bank of Canada’s forecast for growth of 1.5 per cent
The Canadian economy grew more than expected in the third quarter, although weakening housing investment and consumer spending suggests that higher interest rates are beginning to bite.
Much of the growth came from higher energy and agriculture exports, as well as from companies building up inventories. Prices for crude oil and bitumen fell in the quarter, but export volumes increased significantly. Investment in housing also fell sharply, with a 15.4 per cent annualized decline in residential investment. Both renovation and housing resale activity was down, as rising interest rates continue to push up mortgage costs.
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