(MENAFN- Saudi Press Agency) The economy of Canada grew at a weaker-than-expected 0.6 percent annual rate in the third quarter as exports declined at the fastest pace in more than three years, business investment slowed, and the housing market cooled, the government said Friday.
Gross domestic product (GDP) was flat for the second consecutive month in September. The weak quarterly performance reported by Statistics Canada (Statscan) contrasts with the 2.7 percent third-quarter growth rate in the United States and was below the 0.9 percent expected by economists.
Following two consecutive quarters of 1.7 percent growth, the slowdown in the third quarter reflects fragile business sentiment amid the European debt crisis as well as weaker demand for Canadian oil and other energy products. Consumer spending continued to be the key driver of growth, although Canadians purchased fewer houses, Statscan said.
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