Statistics Canada reports pace of economic growth slowed in third quarter

Statistics Canada says the pace of economic growth in Canada slowed in the third quarter.

The federal agency says real gross domestic product grew at an annualized rate of 1.3% in the three-month period.

It also revised its reading for the second quarter to show growth at an annual rate of 3.5% compared with its initial estimate of 3.7% released in August.

Economists had expected annualized growth of 1.2% in the third quarter, according to financial markets data firm Refinitiv.

The latest reading on the economy comes ahead of the Bank of Canada’s interest rate announcement next week.

The central bank is widely expected to keep its key interest rate target on hold.

The Canadian Press

The Canadian Press is a national news agency headquartered in Toronto and founded in 1917.