Canada''s economy expanded more-than-expected in October, easing concerns over the country’s economic outlook, official data showed on Monday.
In a report, Statistics Canada said gross domestic product expanded by a seasonally adjusted 0.3% in October, above expectations for growth of 0.1%. Canada’s economy grew by 0.3% in September.
Canada’s gross domestic product expanded at an annualized rate of 2.7% in October, beating forecasts for an increase of 2.3%, following growth of 2.4% in the preceding month.
Following the release of the data, the Canadian dollar added to gains against its U.S. counterpart, with USD/CAD shedding 0.39% to trade at 1.0596.
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