Unexpected Expansion for Canadian Economy

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The third quarter results for the Canadian economy have shown an unexpected growth, with a 3.5% annual pace being recorded.

The data from Statistics Canada is said to have been caused by an export-driven rebound following a prediction by economists that the economy would expand by a 3% annual rate.

This is 1% higher than the increase which has been experienced by the US economy over the same period.

The news also follows reports that the Canadian property market has benefited from economic growth, presenting a strong financial position for the country.

The third quarter results therefore suggest that the Canadian economy could be strengthening even further – good news for those who were concerned by the unexpected dip in Q2 which saw the economy contract by 0.5%.

The data agency has named the export of goods as the main contributor to the growth, with an increase in demand and consumer spending prompting the rises.

According to the data, consumer spending rose by 0.5% for the second quarter with a further increase of 0.3% registered for Q3.

Meanwhile, industries responsible for the production of goods saw an increase of 1.4% whilst service industries expanded by 0.6% for the same period.

Economic strategist, David Tulk, wrote that the quarterly increase “was somewhat larger than the three per cent [...] forecast” but stated that “the overarching theme of a bounce-back in activity was evident in the data”.

Transfer Money to Canada

If you are looking to invest in Canada, think carefully about how you will be transferring money to Canada. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Canada – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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