Canada’s Expansion Tops Forecasts as Exports Lead Growth – Bloomberg.
Canada’s economy grew faster than economists forecast in the third quarter as exports of crude oil grew and consumers opened their wallets for cars and other big-ticket items.
Gross domestic product rose at a 2.8 percent annualized pace from July to September, Statistics Canada said today in Ottawa. While the gain exceeded all 21 forecasts in a Bloomberg economistsurvey with a median of 2.1 percent, growth slowed from the second quarter’s 3.6 percent expansion.
The world’s 11th-largest economy is making progress in what Bank of Canada Governor Stephen Poloz calls a needed rotation of demand to exports and business investment, which rose at the fastest pace in more than two years. Poloz’s view that substantial economic slack remains has been challenged by a jobless rate that’s fallen to a six-year low and inflation that rose above the 2 percent target earlier than the central bank forecast.
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