Canada’s economy saw a slowdown in growth during the third quarter of the year, with a 0.3% increase compared to the previous quarter. This is a decline from the 0.5% growth seen in both the first and second quarters of the year.
The growth in GDP was supported by household and government spending, but this was partially offset by slower non-farm inventory accumulation, reduced business capital investment, and a decrease in exports. These factors contributed to the overall slowdown in economic expansion.
On a per capita basis, GDP actually contracted by -0.4% in the third quarter, marking the sixth consecutive quarter of decline in per capita output. This indicates that the economic growth is not keeping up with the population growth, which could have implications for living standards and overall economic well-being.
In September, monthly GDP growth was only 0.1%, falling short of expectations of 0.3%. This lower than expected growth further highlights the challenges faced by the Canadian economy in maintaining a steady pace of expansion.
It is important for policymakers and businesses to take note of these economic indicators and consider ways to stimulate growth and investment in order to ensure a more robust and sustainable economic performance in the future. By addressing the factors that are impeding growth, Canada can work towards achieving more positive outcomes for its economy and its citizens.
