Economy grows more than Bank of Canada expected, raising odds of higher interest rates

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.

Household consumption 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. The household savings rate increased to 5.7 per cent from 5.1 per cent in the second quarter, suggesting consumers might be hunkering down for the recession that many forecasters say is inevitable.

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