Canada Enjoyed Economic Growth In The Third Quarter
There is positive news for Canada’s economy as according to estimates, it grew in the third quarter of this year by more than 1 percent.
This more than 1% growth, exceeds expectations made by economists, and is being attributed to increased goods production.
Statistics Canada released the numbers this morning, but stress that all is not rosey for Canadians.
They are calling for an expected recession in the country, one that will see the rate of growth for the economy decrease a little in the final part of 08 and the first quarter of 09.
Canada holds the 8th largest economy in the world, and according to estimates it will grow by 0.6% both this year and next.
“Overall, not terrible numbers, but within them, signs of a negative quarter ahead as business will pare inventories in face of slowing demand,” said Avery Shenfeld, economist with CIBC World Markets.
Compared with the third quarter numbers from the United States, Canada’s economy grew at a .1% greater volume.