Canada GDP Growth Slows to 1% in 3Q

By Robb M. Stewart

OTTAWA--Canada's economy cooled in the third quarter, as growth in household and government spending was dented by a fall in business investment and exports.

Gross domestic product, a broad measure of goods and services produced in the economy, rose 1.0% at an annualized rate in the quarter to 2.42 trillion Canadian dollars, the equivalent of $1.726 trillion, Statistics Canada said Friday. The expansion was in line with market expectations but was softer than the roughly 1.5% growth projected by the Bank of Canada.

The pace in the latest quarter was the slowest since the final three months of last year, and follows upwardly revised growth of 2.2% in the second quarter of this year.

Industry-level data for September showed that the economy expanded 0.1% from the previous month after remaining essentially unchanged in August. That was below Statistics Canada's earlier estimate for GDP to advance 0.3%.

The data agency provided an early estimate for October that suggested GDP again rose 0.1% month-over-month.

Write to Robb M. Stewart at [e-mail]

(END) Dow Jones Newswires

11-29-24 0845ET