Canada's Economy Grows 1% in Third Quarter, Matching Expectations

Economic growth was driven by household and government spending, but slowed by weaker business investments and exports.

Canada's GDP grew at an annualized rate of 1% in the third quarter of 2024, meeting analysts' expectations.
Household and government spending contributed to the growth, while slower non-farm inventory accumulation, weaker business investments, and exports limited gains.
Monthly GDP rose by 0.1% in September, falling short of the 0.3% growth forecasted by analysts.
A preliminary estimate from Statistics Canada suggests GDP growth of 0.1% in October as well.
Economists note the persistent slowing of the economy and suggest that current high interest rates may be dampening growth.