Canada's economic expansion slowed to a crawl in the third quarter, growing by 0.1% in the three months ended September and expanding at a pace of less than one per cent for the year as a whole, according to data released today.
Statistics Canada said Friday the country's gross domestic product expanded at a 0.6% annualized pace, down from 0.8% during the second quarter because of less investment by businesses and slumping exports.
For comparison purposes, the U.S. economy is currently expanding at a 2.7% annual pace.
Canadian exports shrank by 2% during the period, the largest decline since the second quarter of 2009.
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