Canada’s economy shrank by 0.3% in third quarter, StatsCan says

Canada’s economy shrank in the three months up to September, as household spending was flat and exports declined.

Statistics Canada reported Thursday that the country’s gross domestic product shrank by 0.3 per cent. 

The data agency previously reported that the three-month period up to June also saw a slight decline, so Thursday’s numbers would have been the second consecutive quarterly contraction in a row, and meet the bar that some experts say is the requirement for a recession.

But the data agency revised its April-to-June numbers higher than initially reported, and now says the economy grew by 0.3 per cent that quarter.

More to come.