According to the latest data from Statistics Canada, the Canadian economy contracted at an annualized rate of 1.1% in the third quarter of 2023, which was below expectations. However, the real GDP most likely edged up 0.2% in October after a 0.1% gain in September.
The contraction in Q3 was mainly due to a decline in exports and a decrease in business investment. The country’s goods trade surplus with the world contracted by roughly $8.7 billion in Q3 to hit $1.7 billion.
Despite the contraction in Q3, the Canadian economy is showing signs of growth in October. The real GDP is expected to have increased by 0.2% in October after a 0.1% gain in September.
Based on the above information, I suggest the following title for your article: “Canadian economy contracts in Q3, but shows signs of growth in October”.
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