The Canadian economy grew at an annualized rate of one per cent in the third quarter, boosted by higher household and government spending, according to Statistics Canada. This rate was consistent with economists' expectations but below the Bank of Canada's forecast of 1.5 per cent, highlighting ongoing challenges such as reduced business investment and declining exports, which further complicate the outlook for future growth.
"Despite the positive historic revisions and better underlying detail within the Q3 data, today's GDP figures point to a weaker recent trend in activity than the Bank of Canada was expecting," said Andrew Grantham, chief economist at CIBC Capital Markets. He noted that the numbers are likely to support a 50 basis-point cut at the December meeting, contingent on the employment figures yet to be released.
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