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Canada's economy grew 1% in Q3, driven by government & household spending
BY Connect Newsroom, Nov 29, 2024 5:12 PM - REPORT AN ERROR
However, this figure was in line with economists' expectations, though it was below the Bank of Canada’s 1.5 percent forecast.(Photo: The Canadian Press)
The Canadian economy has slowed for the sixth consecutive quarter on a per capita basis, suggesting that high interest rates are still weighing on business investment.
According to Statistics Canada, the Canadian economy grew at an annualized rate of 1 percent in the third quarter (July to September), down from 2.2 percent in the second quarter. However, this figure was in line with economists' expectations, though it was below the Bank of Canada’s 1.5 percent forecast.
The Statistics Canada report also indicated that higher wages and lower interest rates helped the household savings rate reach a three-year high in the third quarter, rising to 7.1 percent.
The latest economic data comes ahead of the Bank of Canada’s interest rate decision on December 11. Economists expect the central bank to cut interest rates once again.
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