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Canada’s Growth Surprise Affirms the Rise of Services

But as spending increases, better statistical tools will be needed.
Bank of Canada Governor Stephen Poloz Hold Press Conference To Discuss The Monetary Policy Report
Photographer: Patrick Doyle/Bloomberg

Canada’s economy just posted its best quarterly growth in two years.

Third-quarter growth of 3.5 percent (at a seasonally adjusted annualized rate) topped the consensus estimate by one tick, and in doing so helped vindicate Bank of Canada Governor Stephen Poloz and his vision for the future of the Canadian economy, which continues to grapple with the impact of subdued commodity prices.