Statistics Canada says pace of Canadian economic growth slowed in third quarter
READ MORE The pace of economic growth in Canada slowed in the third quarter as business investment spending moved lower and the growth in household spending slowed, Statistics Canada said Friday. The Canadian economy grew at an annualized pace of two per cent in the third quarter compared with 2.9 per cent in the second quarter, matching the expectations of economists, according to Thomson Reuters Eikon. The overall move came as spending on non-residential investment in buildings and engineering structures fell 1.3 per cent, as investment in the oil and gas sector slowed. Machinery and equipment investment by businesses fell 2.5 per cent. Meanwhile, the growth in household spending slowed to 0.3 per cent in the quarter, compared with 0.6 per cent in the second quarter. The drop came as spending on durable goods fell 0.7 per cent, with spending on vehicle purchases falling 1.6 per cent. Spending less on new homes, renovations Total residential investment also fell 1.5 per cent as s...