Canada out of recession
Car sales and other purchases help lift economy in third quarter.
The country's gross domestic product (GDP) grew by 1% in the third quarter (or 0.4% on an annualized basis), according to AFP. Still, that growth was less than many analysts had expected, with the general analyst forecast at about 0.6% annualized.
The second quarter saw GDP shrink by 3.1%.
Is this new expansion a blip or a trend?Economists are encouraged by a 0.8% increase in consumer spending, which AFP reports was led by car sales. Car imports helped boost imports 8%.
Analysts are hopeful for the fourth quarter, expecting GDP to grow by 3.9%.
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The solid report comes a month after the retailer closed all of its Canadian operations.
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