WORLD Canada economy beats expectations with 2.9% Q3 growth


Canada economy beats expectations with 2.9% Q3 growth


22:29, November 29, 2022

Canada's economy grew by 2.9 percent in the third quarter, the government statistical agency said Tuesday, blowing past forecasts that the economy would slow.

Higher exports and investments in non-residential structures in the July to September period, along with a boost in business inventories, were moderated by declines in housing and household spending, Statistics Canada said in a statement.

Desjardins analyst Royce Mendes noted that the "solid growth," despite nearly doubling expectations, came from mostly "external demand and volatile categories."

He noted also that a flash estimate of October showed "virtually no growth."

The data, he said, suggests the "economic momentum was stalling entering the fourth quarter."

Several economists have predicted Canada will go into a recession next year, while the government has estimated growth will slow from 3.9 percent in 2022 to 0.7 percent in 2023.

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