Canada economy grows 2pc in Q3

Canada's economic growth slowed in the third quarter to 2.0 percent from 2.9 percent despite a boost in mining and petroleum refining as foreign demand pushed up prices, according to government data out Friday.

The figure was in line with analyst projections, following an uptick in second quarter economic activity.

Statistics Canada said the third quarter was marked by flat domestic demand, falling investment and a small rise in exports volumes.

In the three months to September 30, overall corporate earnings increased, household spending slowed, motor vehicle purchases fell for a third consecutive quarter, and investment in new residential construction saw the largest decline since 2009, while spending on renovations was also down.

The government statistical agency noted a drop in investment in engineering structures, driven by the deceleration of investment in the oil and gas sector.