Canada: Economy Grows at 1.7% annual pace in Q3

The Canadian economy grew at an annual rate of 1.7% in the third quarter of 2017, according to Statistics Canada. This latest GDP figure follows two-quarters of notably stronger growth of 3.7% and 4.3% respectively. The moderation in growth was widely expected, with the Bank of Canada predicting Q3 GDP of 1.8%. Meanwhile, Q2 figures were also adjusted to 4.3%, down from an initial reading of 4.5%.

"The latest GDP figure follows two-quarters of notably stronger growth of 3.7% and 4.3 %respectively. The moderation in growth was widely expected, with the Bank of Canada predicting Q3 GDP of 1.8%"

The decline in growth has been attributed to a weaker export performance. Overall, exports fell 2.7% quarter-over-quarter, with goods exports falling 3.4%, following three consecutive quarters growth. This is the first time that exports have experienced such a large decline since Q1 2016.

 

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