Statistics Canada says pace of Canadian economic growth slowed in third quarter

The pace of economic growth in Canada slowed in the third quarter as business investment spending moved lower and the growth in household spending slowed.

Statistics Canada says the Canadian economy grew at an annualized pace of 2.0 per cent in the quarter.

That compared with an annualized pace of 2.9 per cent in the second quarter.

The result matched the expectations of economists, according to Thomson Reuters Eikon.

The move came as non-residential investment in buildings and engineering structures fell 1.3 per cent as spending in the oil and gas sector slowed. Investment in machinery and equipment by businesses fell 2.5 per cent.

Meanwhile, the growth in household spending slowed to 0.3 per cent in the quarter compared with 0.6 per cent in the second quarter.