Canada’s economy shrinks 1.1% in third quarter

Canada’s economy declined 1.1 per cent on an annualized basis in the third quarter, according to Statistics Canada.

The national agency also revised its second-quarter results to a 1.4 per cent increase.

StatCan said lower exports and slower inventory accumulation led the decline in the third quarter.

It was partially offset by increases in government spending and housing investment.

Meanwhile, household spending was unchanged following a flat second quarter.