The Canadian economy shrank on per-person basis for a sixth consecutive quarter as higher interest rates continued to weigh on business investment.
Statistics Canada’s gross domestic product report says the economy grew at an annualized rate of one percent in the third quarter, down from 2.2 percent in the second quarter.
The figure is in line with economists’ expectations, but lower than the Bank of Canada’s October forecast of 1.5 percent.
Real GDP per capita fell 0.4 percent in the quarter.
Higher household and government spending was partly offset by slower inventory accumulation, lower business capital investment and lower exports.
Meanwhile, economic growth remained weak in the month of September, with real GDP growing 0.1 percent. A preliminary estimate suggests the same pace of tepid growth in October as well….