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Statistics Canada released GDP (gross domestic product) growth data on Tuesday. Canada's GDP growth dropped 0.5% in September, missing expectations for a flat reading, after a 0.1% rise in August.
On a quarterly basis, GDP climbed 0.6% in the third quarter, after 0.1% decline in the second quarter.
The quarterly rise was driven by increased international demand for Canadian goods and services. Exports of goods and services rose 2.3% in the third quarter, while imports of goods and services declined 0.7%.
Household final consumption expenditure was up 0.4% in the third quarter as spending on durable, non-durable and semi-durable goods rose.
The household saving rate fell to 4.2% in the third quarter from 4.9% in the second quarter.
Final domestic demand was flat in the third quarter, after a 0.1% rise in the second quarter.
Mineral exploration and evaluation plunged 9.3% in the third quarter.
Business gross fixed capital formation dropped 0.8% in the third quarter.
On a yearly basis, GDP rose 2.3% in the third quarter, in line with expectations, after 0.3% drop in the second quarter. The second quarter's figure was revised up from a 0.5% decline.
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