Canada rebounds with 2.3 per cent quarterly GDP growth, but weakness persists

The Canadian economy has climbed out of the recession that emerged in the first half of 2015 — but the rebound has already shown signs of lost momentum.

Statistics Canada says the economy bounced back in the third quarter by pumping out 2.3 per cent growth at an annual pace in the real gross domestic product.

The federal agency says the economy received boosts from improved performances in exports and household consumption.

However, the economy contracted by 0.5 per cent at a non-annualized rate in September — the final month of the quarter — a decrease largely linked to the country’s hobbled manufacturing and natural resources sectors.

That September reading followed GDP growth at a non-annualized pace of 0.3 per cent in July and 0.1 per cent in August.

The economy fell into the technical definition of a recession after recoiling for two straight quarters as it decreased by a revised annual pace of 0.7 per cent over the first three months of 2015 and again by 0.3 per cent in the second quarter.

Top Stories

Top Stories

Most Watched Today