Canadian Economy Shrank 1.1 Percent in Q3 on Annualized Basis, StatCan Says

The Bay Street financial district is shown in Toronto on Aug. 5, 2022. The Canadian Press/Nathan Denette

The Canadian economy shrank in the third quarter amid weak business and consumer spending as well as lower exports.

Statistics Canada released its gross domestic product report on Nov. 30, which shows the economy contracted 1.1 percent on an annualized basis.