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MNI: Canada Q3 GDP Doubles Forecasts With 2.9% Annualized Gain

(MNI) OTTAWA
Output likely stalled in month of October, according to flash estimate.

Canada's economy continued to outperform in the third quarter as GDP grew at a 2.9% annualized pace led by exports and government spending, while a flash estimate signaled output stalled at the start of the fourth quarter.

The quarterly GDP gain beat the central bank's forecast and the market consensus for growth around 1.5%. Export gains of 8.6% were led by greater oil shipments even as prices fell and also by farm products, Statistics Canada said Tuesday from Ottawa. Growth was slowed as household spending swung to a 1% decline from a prior gain of almost 10%, and investment in residential structures fell 15%, both reflecting the pinch of higher interest rates.

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Canada's economy continued to outperform in the third quarter as GDP grew at a 2.9% annualized pace led by exports and government spending, while a flash estimate signaled output stalled at the start of the fourth quarter.

The quarterly GDP gain beat the central bank's forecast and the market consensus for growth around 1.5%. Export gains of 8.6% were led by greater oil shipments even as prices fell and also by farm products, Statistics Canada said Tuesday from Ottawa. Growth was slowed as household spending swung to a 1% decline from a prior gain of almost 10%, and investment in residential structures fell 15%, both reflecting the pinch of higher interest rates.

Keep reading...Show less