Canada out of recession

Car sales and other purchases help lift economy in third quarter.

By Kim Peterson Dec 1, 2009 2:19PM
Canada looks like it's moving out of a recession, helped along by a spike in consumer spending.

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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