Canada economy slows in Q3 but beats expectations

OTTAWA, Nov 29 (AFP) : Canada's economy slowed in the third quarter despite gains in most sectors, the government statistical agency announced Friday, but growth still beat forecasts.
Growth dipped to 0.7 per cent in the quarter following a revised 0.9 per cent gain in the second quarter, said Statistics Canada.
At an annualized rate, gross domestic product (GDP) was 2.8 per cent, down from 3.6 per cent the previous quarter. Analysts were expecting growth of 2.1 per cent.
Canadians bought more consumer goods and new vehicles in the quarter, according to Statistics Canada.
Household expenditures were up, including water, electricity, gas, recreation and culture, and furnishings.
Increased housing demand pushed up home construction and renovations.
Meanwhile, businesses purchased more medium and heavy trucks, buses and other motor vehicles.
Investments in mineral exploration and evaluation, software, and research and development were also up.
Canada saw higher oil production, and mining of non-metallic mineral and coal in the quarter, but copper, nickel, lead and zinc mining fell.
Wholesaling of building materials as well as machinery, equipment and supplies made gains.