(Adds details from report)
OTTAWA Nov 30 Canada's economy accelerated in
the third quarter at its fastest pace in more than two years,
benefiting from a rebound in oil exports and continued consumer
spending, data from Statistics Canada showed on Wednesday.
Gross domestic product grew at an annualized 3.5 percent,
slightly exceeding economists' expectations of 3.4 percent and
picking up from a contraction of 1.3 percent in the second
Last quarter brought the strongest pace of expansion since
the second quarter of 2014 and topped the Bank of Canada's
forecast for 3.2 percent growth. The economy has struggled to
regain sustained momentum since it fell into a brief recession
early last year, when it was hit by a drop in oil prices.
Growth in exports supported the economy in the third
quarter. Exports of energy products recovered from second-
quarter weakness resulting from wildfires in northern Alberta
and scheduled maintenance.
Exports of services and consumer goods gained, while
increases in household consumption and inventories also boosted
But the long support the economy has received from the
housing sector faltered as business investment in residential
structures contracted. A decline in ownership transfer costs
contributed the most to the decline after a Vancouver tax on
home purchases by overseas buyers took effect in August.
(Reporting by Leah Schnurr; Editing by Lisa Von Ahn)