Real gross domestic product (GDP) rose 0.7% in the third quarter in Canada. Statistics Canada reports that this is the fifth consecutive quarterly increase.
Growth in exports, non-residential structures and business investment in inventory was dampened by declines in housing investment and household spending.
Exports rose 2.1%, led by crude oil and bitumen, the prices of which fell in the quarter, but their volumes rose sharply. Exports of agricultural and fishing products also advanced.
Housing investment fell 4.1%, coinciding with rising interest rates. Renovations fell 6.6% while resale activity plummeted 13.8%. In contrast, new construction rose 2.4% after declining for four quarters.
Statistics Canada observed a 0.3% decrease in household spending in the third quarter; it was the first decline since the second quarter of 2021, driven mostly by broad-based declines in spending on goods.
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