
Canadian Economy Shrank 1.1 Percent in Q3 on Annualized Basis, StatCan Says
The Canadian economy shrank in the third quarter amid weak business and consumer spending as well as lower exports. Statistics Canada released its gross domestic product report on Nov. 30, which shows the economy contracted 1.1 percent on an annualized basis. The federal agency says a decrease in international exports and slower inventory accumulation by businesses were partially offset by increases in government spending and housing investment. It also revised up its reading for real gross domestic product in the second quarter, noting the economy did not shrink, but rather grew by 1.4 percent on an annualized basis. The federal agency says new housing construction in the third quarter increased for the first time since early 2022, led by apartment construction....
