Money Canadian economy expanding at 2.6% annual pace

17:07  31 july  2018
17:07  31 july  2018 Source:   cbc.ca

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The Canadian economy expanded at an annualized rate of 1.7 per cent in the third quarter of 2017 as weaker exports applied downward pressure on growth. Canada 's economy was expanding at a 1.7 per cent annual pace in the period from July to September.

For comparison purposes, the 2 . 6 per cent annualized figure is better than the 1.9 per cent that the U.S. economy expanded last year. The oil and gas industry, after a small monthly contraction of 0.7 per cent in October, rebounded the next month, expanding by 2 . 6 per cent.

a man standing in front of a building: Canada's oil and gas sector has expanded by 6.4 per cent over the past 12 months.© Andrey Rudakov/Bloomberg Canada's oil and gas sector has expanded by 6.4 per cent over the past 12 months.

Canada's economy grew by half a per cent in May, almost twice what economists were expecting, partly because of a strong rebound in the oil and gas sector.

The country's gross domestic product expanded by 2.6 per cent in the 12 months up to May, led by growth in mining, quarrying, and oil and gas extraction, Statistics Canada reported Tuesday.

The Alberta oilsands were a big part of that expansion, as crude bitumen extraction grew by 5.3 per cent in May following maintenance shutdowns at some facilities a month earlier.

After a slowdown in late 2017, the oil and gas sector has grown for four months in a row and expanded by 6.4 per cent in the past 12 months.

Real estate, meanwhile, was a soft spot as sales activity for real estate agents and brokers declined by 2.7 per cent. The sector has shrunk in four of the first five months this year, following new mortgage rules put in place in January.

After slow sales during an unseasonably chilly April, Canadian retailers rebounded with two per cent higher sales in May. — the strongest month since October.

U.S. employers add 157,000 jobs, jobless rate hits 3.9 per cent .
U.S. employers add 157,000 jobs, jobless rate hits 3.9 per centThe Labor Department said Friday the unemployment rate ticked down to 3.9 per cent from 4 per cent. That's near an 18-year low of 3.8 per cent reached in May.

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