A Canadian Loonie is pictured in this illustration picture taken in Toronto, on January 23, 2015. Canada's gross domestic product was unchanged in August before likely expanding by 0.3 per cent in September, data showed on Thursday, indicating the economy missed the central bank's growth forecast for the third quarter.
Canadian economy flat in August, likely missed central bank's 3rd quarter growth forecast | CBC News LoadedThe Canadian economy was flat in August as high interest rates continued to weigh on consumers and businesses, while a preliminary estimate suggests it grew at an annualized rate of one per cent in the third quarter.Posted: Oct 31, 2024 10:47 AM EDT | Last Updated: 2 hours ago
The manufacturing sector was the largest drag on the economy, followed by utilities, wholesale and trade and transportation and warehousing. Statistics Canada's estimate for the third quarter, meanwhile, is weaker than the Bank of Canada's projection of 1.5 per cent annualized growth.The latest economic figures suggest ongoing weakness in the Canadian economy, giving the central bank room to continue cutting interest rates.
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