Economic Growth Slowed in Q1

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CBJ — Economic growth cooled in the first quarter of the year to its lowest rate in almost two years.

A sluggish housing market caused by more stringent mortgage rules is believed to be the primary reason.

Figures released by Statistics Canada reveal the national economy grew at an annualized pace of 1.3% from January 1 until the end of March. That compared with an annual pace of 1.7% in the first three months of of 2017.

Business investment in machinery and equipment rose 4.2%, while intellectual property products rose 3.3%.


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