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OTTAWA, Nov 30 (Reuters) - Canada’s economy grew at an annualized rate of 2.0 percent in the third quarter, down from 2.9 percent in the second, on lower motor vehicle purchases and falling housing investment, Statistics Canada said on Friday.
The growth rate matched the expectation of analysts in a Reuters poll. In October, the Bank of Canada - which has hiked rates five times since July 2017 - boosted its estimate of third quarter annualized growth to 1.8 percent from 1.5 percent.
On a non-annualized basis household spending in the third quarter rose by 0.3 percent, down from 0.6 percent in the second, as sales of motor vehicles dropped by 1.6 percent. Total residential investment dipped by 1.5 percent.
Strength in mining and petroleum refineries, boosted by higher prices and foreign demand, helped underpin third quarter growth. Export volumes edged up by just 0.2 percent in the third quarter compared to 3.1 percent in the second.
The economy shrank by 0.1 percent in September from August following seven consecutive months of growth. Oil and gas extraction declined by 2.9 percent, the third fall in four months, in part due to maintenance work at some facilities.
Reporting by David Ljunggren; Editing by Bernadette Baum