Radio Rallie & Reversals

The Canadian economy grew at the slowest annual pace since the recession between July and September, held back by a currency-fuelled decline in exports and a drop in housing investment even as overall consumer spending stayed relatively steady.

The 1-per-cent rate of expansion – reported Tuesday by Statistics Canada – followed a 2.3-per-cent clip during the second quarter, reinforcing that a recovery which earlier this year was the envy of the Group of Seven nations has given way to a long stretch of underwhelming growth that could last for years.

The third-quarter reading compares with the 1.4-1.5-per cent growth rate expected by most economists, and was well below Bank of Canada Governor Mark Carney’s estimate of 1.6 per cent annual growth for the three-month period.

GB