Canada's economic expansion slowed to a crawl in the third quarter, growing by 0.1 per cent in the three months ended September and expanding at a pace of less than one per cent for the year as a whole, according to data released today.
Statistics Canada said Friday the country's gross domestic product expanded at a 0.6 per cent annualized pace, down from 0.8 per cent during the second quarter because of less investment by businesses and slumping exports.
For comparison purposes, the U.S. economy is currently expanding at a 2.7 per cent annual pace.
Canadian exports shrank by two per cent during the period, the largest decline since the second quarter of 2009.
Emanuella Enenajor, an economist at CIBC World Markets, says the domestic demand helped offset Canada's weak exports during the quarter.
"Growth in the quarter was almost entirely driven by household consumption," Enenajor wrote in a note.
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