Canadian Economy Shrinks Unexpectedly in Third Quarter, Raising Recession Worries
• Canada's economy unexpectedly shrank by 1.1% in Q3, missing forecasts for 0.2% growth
• The economy avoided a technical recession since Q2 GDP was revised up to a 1.4% gain
• Exports and inventory changes weighed on growth, partially offset by government spending
• The data shows the economy "struggling to grow" ahead of next week's Bank of Canada rate decision
• Analysts expect the central bank to start cutting interest rates in Q2 2024 to support growth