The Canadian economy continued to grow in the third quarter as consumer spending rebounded, Statistics Canada said Friday.
On an annualized basis, real gross domestic product rose one per cent between July and September, according to StatCan. That marks a slowdown from 2.2 per cent annualized growth in the previous quarter.
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StatCan pointed to increased consumer spending, particularly on new trucks, vans and SUVs.
Spending was also higher across all levels of government in the third quarter, the agency said.
The results undershot the Bank of Canada’s call for 1.5 per cent annualized growth in the third quarter.
StatCan said that real GDP per capita was down 0.4 per cent in the quarter, meaning growth on a per-person basis has now declined for the sixth consecutive quarter.