Canadian economy grew at annualized rate of 2.9 per cent in third quarter

OTTAWA –

The Canadian economic system grew at an annualized charge of two.9 per cent within the third quarter, Statistics Canada mentioned.

The federal company launched two stories on actual gross home product Tuesday, shedding mild on financial progress in September and the third quarter of the yr.

Real home product within the third quarter elevated by 0.7 per cent, beating out the federal company’s preliminary estimate for progress, which was 0.4 per cent.

According to the report, financial progress was led by a rise in exports, non-residential constructions and business funding in inventories.

The rise in exports was pushed by a rise in crude oil and bitumen exports, although at decrease costs.

Growth in these areas was moderated by declines in housing funding and family spending.

Household spending fell for the primary time because the second quarter of 2021, edging down 0.3 per cent.

On a quarterly foundation, nominal compensation for workers rose 1.2 per cent, which marks the slowest progress in compensation because the second quarter of 2020.

At the identical time, family saving charges elevated from 5.1 per cent within the second quarter to five.7 per cent within the third quarter. For comparability, the financial savings charge within the third quarter of 2019 was 2.5 per cent.

The federal company notes saving charges are typically increased for increased earnings earners.

Monthly actual GDP knowledge reveals the economic system grew by 0.1 per cent in September, with the rise in actual GDP pushed by goods-producing industries.

This report by The Canadian Press was first printed Nov. 29, 2022.