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Canada’s Economic Expansion Slows to 1.6% as Recession Looms

  • Preliminary data for third quarter comes in above expectations
  • BMO says ‘momentum will slow closer to zero’ in fourth quarter
A condo development under construction in North Vancouver, British Columbia. Preliminary data show Canada’s economy expanded 0.1% in September.

A condo development under construction in North Vancouver, British Columbia. Preliminary data show Canada’s economy expanded 0.1% in September.

Photographer: Taehoon Kim/Bloomberg
Updated on

Canada’s economic growth rate fell by half in the third quarter, ahead of what’s expected to be an even sharper downturn later this year.

Preliminary industry-based data show gross domestic product expanded 0.1% in September, Statistics Canada reported Friday in Ottawa. That followed an unexpected gain of 0.1% in August, versus a flat reading expected by economists for that month.