Economy grows 2.3 per cent, ending recession
The Canadian economy emerged out of recession in the third quarter driven by strong international demand for Canadian goods and services. The figures released by Statistics Canada shows 2.3 per cent real gross domestic product growth in the third quarter.
It is an end to the technical recession of two consecutive quarters of negative growth. GDP this year fell by 0.7 per cent in the first quarter, then again by 0.3 per cent in the second quarter.
Exports grew by 2.7 per cent, mostly of consumer goods, motor vehicles, crude oil and crude bitumen.
September was a particularly bad month. It saw not only the continued decline of oil and gas extraction, but also a decline in related industries by 13 per cent, down 49 per cent from just a year ago.
More analysis on the latest figures and a Close-up perspective this afternoon.
