Canadian Statistical Agency Says National Economic Growth Slows in Third Quarter

TORONTO (Sputnik) – Canada's economic growth slowed in the third quarter to 1.3 percent due to a decline in exports, Statistics Canada said in its quarterly GDP report.

This represents a sharp slowdown from the initial second quarter results of around 3.7 percent, though Statistics Canada later revised its figure for that three-month period to 3.5 percent.

Gross domestic product by industry, September 2019: Real gross domestic product (#GDP) edged up 0.1% in September. https://t.co/fE5c5RlYIm #cdnecon pic.twitter.com/dkaOHp5OSx

— Statistics Canada (@StatCan_eng) November 29, 2019

The slowdown, in part due to a 0.4 percent decline in exports, is consistent with recent trends in the Canadian economy.

Earlier this month, Canada's Parliamentary Budget Office (PBO), in their Economic and Fiscal Outlook report for November, downgraded the country's economic outlook as trade tensions continues to mount and exports fall.