Economic growth slows in 3rd quarter, below analyst estimates

OTTAWA – Statistics Canada says the country’s economic growth rate slowed to 0.6 per cent in the third quarter.

It says Canada’s gross domestic product rose just 0.1 per cent in the third quarter compared with the second quarter but was flat on an inflation-adjusted basis.

The agency says the slower pace of growth was the result of declines in exports and business investment.

The report says Canada’s exports fell 2.0 per cent in the third quarter, the largest decline since the second quarter of 2009.

Imports rose 0.4 per cent, the fourth quarterly increase in a row.

The GDP growth reported by Statistics Canada was below the 0.8 per cent annualized rate that economists had been expecting.

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