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Economic growth slowed in Q3: Statistics Canada

OTTAWA (CP) – 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 per cent in the three-month period.

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

Economists had expected annualized growth of 1.2 per cent 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.