Canada’s economy gets back on track with gain of 2.3 per cent

The country’s economy has returned to growth mode following a mild recession during the first half of the year, posting a gain of 2.3 per cent between July and the end of September, Statistics Canada said Tuesday.

The economy expanded in the third quarter mainly on the back of strong exports and consumer spending, the federal statistics agency said.

“A decent quarter for consumers and a nice lift from net exports offset continued weakness elsewhere,” Avery Shenfeld, chief economist of CIBC Capital Markets said.

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The advance was almost in line with most economists’ expectations, with the consensus calling a rebound of 2.4 per cent following the two-quarter contraction to start the year.