Canada's GDP in the third quarter unexpectedly fell by 1.1%

According to the Statistics Department of Canada, the country's economy in the third quarter of the year showed a decline of 1.1% year-on-year, which was the weakest indicator since the second quarter of 2021.

This result was unexpected for experts who predicted a slight increase of 0.1-0.2%. The Bank of Canada expected an increase of 0.8%.

Canada's GDP for the second quarter, according to revised data, grew by 1.4%, although a decrease of 0.2% was previously noted. Relative to the previous quarter, in July-September, the volume of the country's economy decreased by 0.3%, after an increase of the same amount was observed in the previous quarter.

Consumer spending in the third quarter remained at the level of the previous quarter, showing no changes. Investment in housing construction increased by 2%, which is the first rise since the beginning of 2022. 

Exports fell by 1.3%, after a similar increase was recorded in the previous quarter. Imports decreased by 0.2% after rising by 1.1% in the second quarter.