Canada: GDP grows 0.3 percent in the third quarter

Canada’s real gross domestic product (GDP) grew 0.3 percent in the third quarter (Q3) this year, following a 0.9-percent increase in the second quarter, Statistics Canada said Friday.

Third quarter growth was led by higher business investment and increased household spending, boosting final domestic demand by 0.8 percent.

The country’s real GDP grew at an annualized rate of 1.3 percent in the three-month period.

Statistics Canada revised its second quarter annualized figure downward to 3.5 percent from 3.7 percent and shifted its first quarter findings higher to 0.8 percent from an initially reported 0.4 percent.

Friday’s data came ahead of the Bank of Canada’s interest rate announcement next week.

The central bank is reportedly expected to keep its key interest rate target at 1.75 percent.