Statistics
Canada reported on Friday that the country’s gross domestic product (GDP) inched
up 0.1 per cent m-o-m in September
after an unrevised flat m-o-m
performance in August. This was
worse than economists’ projection of a 0.3 per cent m-o-m advance.
In the third
quarter of 2024, the Canadian GDP expanded
0.3 per cent q-o-q, following an
unrevised 0.5 per cent q-o-q growth in the second quarter. This represented the third
quarterly rise in real GDP in a row, which, however, was the weakest in the
sequence.
According to
the report, the GDP’s q-o-q increase reflected higher household and government spending moderated by slower non-farm
inventory accumulation, lower business capital investment and lower exports.
Expressed at an
annualized rate, Canada’s GDP grew 1.0 per cent in the third quarter after an
upwardly revised 2.2 per cent advance (from +2.1 per cent) in the previous
quarter. This marked the softest annual expansion since the first quarter (+0.1
per cent y-o-y) but was in line
with economists’ forecast of a 1.0 per cent y-o-y increase.
Also,
Statistics Canada said its preliminary data indicates that real GDP rose 0.1 per cent m-o-m in October.