Statistics Canada reported gross domestic product grew at an annual rate of 2.9 per cent in the third quarter. Find out more
Exports, investment in non-residential structures and stockpiling by companies led the increase, Statistics Canada said. Growth in those corners of the economy was partially offset by drops in housing investment and consumer spending, both of which would be the first to suffer from higher borrowing costs and inflation’s burden on the cost of living.
Exports have a bigger sway over Canada’s economy than other advanced economies, but household consumption still represents about 56 per cent of GDP. Consumer demand declined at an annual rate of one per cent in the third quarter, after surging 9.5 per cent in the second quarter, as demand for goods such as new trucks and furniture receded. It was the first drop since the second quarter of 2021.
Separately, Statistics Canada said GDP — measured by industrial output — increased 0.1 per cent in September from the previous month, compared with a 0.3 per cent gain in August. The agency said preliminary data suggest economic output was unchanged in October, implying the economy was losing momentum quickly as summer turned to fall, and suggesting the Bank of Canada’s interest rate increases will bite in the fourth quarter.
to clients. “Rising interest rates and high inflation have weighed on consumer spending, a trend which has started earlier than expected, but should last through the year.”Article content
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Economy grows more than Bank of Canada expected, raising odds of higher interest ratesStatistics Canada reported gross domestic product grew at an annual rate of 2.9 per cent in the third quarter. Find out more
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Economy grows more than Bank of Canada expected, raising odds of higher interest ratesStatistics Canada reported gross domestic product grew at an annual rate of 2.9 per cent in the third quarter. Find out more
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Economy grows more than Bank of Canada expected, raising odds of higher interest ratesStatistics Canada reported gross domestic product grew at an annual rate of 2.9 per cent in the third quarter. Find out more
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