Q3 2019 GDP Growth Rate Slows, As Expected

Statistics Canada released Q3 GDP figures on Friday. Overall, they show a moderated growth rate of 1.3% (quarter over quarter, seasonally adjusted at annual rates [SAAR]). Of interest to DHI-C members, non-residential building activity showed annualized growth of 11.1% (a quarterly increase over Q2 of 2.7%) - an unexpectedly strong showing. Exports were down by 1.5% SAAR, driven by non-energy exports, and imports were relatively flat. GDP performance in the quarter is in line with recent expectations, although it's moderately lower than the consensus estimates we reported in our September economic forecast (see below). Detailed information is available here.