Canada growth slows to 1.7pc in Q3

Ottawa: Canada’s economy grew at a much more modest annualized rate of 1.7 per cent in the third quarter, as Canadians curbed their spending, the government statistical agency said on Friday. Exports fell while imports were flat, business investment weakened, and household outlays pulled back slightly from the previous quarter, said Statistics Canada. The figure was close to the 1.6 per cent growth analysts were expecting, after a rate of 4.3 per cent (revised down from 4.5 per cent) was posted in the previous period.
But gross domestic product (GDP) was half that of its neighbour and biggest trading partner, the United States, which came in at 3.3 per cent.
The slowdown marks the end of a rally for the Canadian economy that had, until now, lead its peers in the Group of Seven industrialized nations (G7).
According to Statistics Canada, exports fell 2.7 per cent, mainly attributable to fewer foreign sales of Canadian passenger cars and trucks, mineral products, consumer goods and energy products. Lower imports of goods was offset by an increase in services. Household consumption grew 1.0 per cent, down from 1.2 per cent the previous quarter. — AFP