The Canadian economy grew by 1.3% on an annualized basis in the third quarter, marking a slowdown from the previous quarter and falling short of the Bank of Canada's projections.
According to data released by Statistics Canada on Friday, real gross domestic product (GDP) remained flat in August for the second consecutive month. Only nine out of 20 industrial sectors saw expansion during this period.
A preliminary estimate suggests the economy contracted by 0.1% in September, driven by declines in key sectors such as manufacturing, mining, quarrying, and oil and gas extraction. These downturns were partially offset by gains in utilities and wholesale trade.