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The Canadian economy grew at an annualized rate of 3.5 percent in the third quarter, recovering more than expected from a tsunami-linked 0.5 percent fall in the second quarter, Statistics Canada said Wednesday.
A Reuters survey of analysts had forecast a rise of 3.0 percent. By contrast, third quarter real gross domestic product (GDP) in the United States grew 2.0 percent.
The third quarter included periods of uncertainty about U.S. and European debt, but Canadian consumers nonetheless boosted their spending. Government expenditure and housing investment also rose, while business investment in plant and equipment fell for the first time since 2009.
Analysts, however, said the underlying growth rate was not as strong as the reported 3.5 percent, since part of the increase was simply due to the resumption of production that had been reduced because of Japan's tsunami, as well as wildfires and maintenance shutdowns that affected the oil industry.
In any case, the Bank of Canada calculates that considerable excess supply remains in the economy.
On a monthly basis, real GDP grew by 0.2 percent in September. This was less than the predicted 0.3 percent, but August's rise was also revised up to 0.4 percent from 0.3 percent. The combined effect thus roughly meets the forecast.