Canadian economy cooled off in 3rd quarter, Statistics Canada says

Statistics Canada says the pace of economic growth in Canada slowed in the third quarter.

The federal agency says real gross domestic product grew at an annualized rate of 1.3 per cent in the three-month period. It also revised its reading for the second quarter to show growth at an annualized rate of 3.5 per cent, compared with its initial estimate of 3.7 per cent released in August.

Economists had expected annualized growth of 1.2 per cent in the third quarter, according to financial markets data firm Refinitiv.

The Bank of Canada is making an interest rate announcement next week, and is widely expected to keep the key rate target on hold.