Canada's economy grew annually by 2.9% in Q3 2022 due to high exports and business investments

In Q3, Canada's economy increased at an annualized rate of 2.9% which is above expectations, while GDP was unchanged in October after a 0.1% increase in September.
In October, the Canadian central bank raised rates by 50 basis points, lifting its policy rate to 3.75%, the highest since January 2008.
The increase in exports, non-residential structures, and business investment in inventories drove this quarterly growth.
Exports grew by 2.1%, rising for the 2nd consecutive quarter, due to crude oil and bitumen, and farm and fishing products but imports fell by 0.4% in the Q3, mirroring declines in energy products, including crude oil, natural gas, and nuclear fuel.

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