Forexpros – Canada’s economy expanded broadly in line with market expectations in September, official data showed on Wednesday.
In a report, Statistics Canada said gross domestic product rose by a seasonally adjusted 0.2% in September, in line with expectations.
The previous month’s figure was revised up to a 0.4% gain from a previously reported 0.3% rise.
Canada’s economy grew at an annualized rate of 3.0% in September, outstripping expectations for a 2.7% increase, following growth of 2.4% in the previous month.
On a quarterly basis, Canada’s economy grew by 3.5% in the three months to September 30, after contracting by 0.5% in the second quarter. Analysts had expected Canada’s economy to grow by 3.0% in the third quarter.
Both the goods-producing industries and the service industries grew in the third quarter. The energy sector led the way and notable increases were also seen in manufacturing, construction, wholesale trade and the transportation and warehousing sector.
Following the release of the data, the Canadian dollar remained sharply higher against its U.S. counterpart, with USD/CAD tumbling 1.6% to trade at 1.0156.
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