Canadian Economic Growth Cools To 1.7%

Auto product exports fell 6.7%.

Canada's economy grew at a 1.7% in the third quarter, Statistics Canada said Nov. 30, showing a sharper-than-expected deceleration. The figure for gross domestic product was below the 2% growth pace in the second quarter and below market expectations of a steady 2% expansion pace.

The bright spot in the economy was exports, which rose 0.9% for the quarter. But goods production fell 1% and exports of auto products tumbled 6.7%.

Canada, like the U.S., is also being hurt by a sharp downturn in housing after a long period of sizzling growth.

Copyright Agence France-Presse, 2006

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