Canada's economy grew 1% in the third quarter from higher government, household spending

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The Canadian economy grew at an annualized rate of one per cent in the third quarter, boosted by higher household and government spending, Statistics Canada said on Friday.

The rate was in line with economists' expectations but below the Bank of Canada's quarterly projection of 1.5 per cent.

The growth was offset by lower business investment — specifically due to less spending on machinery, including aircrafts — and lower exports, which declined more than imports, according to the data agency.