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Canada GDP rises 2.7 per cent in Q3

The boom in North American energy (primarily related to shale in the US and oil sands in Canada) is one of the biggest stories in the global economy. A new report from The International Energy Agency (IEA) agency discusses the consequences of the boom in dramatic fashion, arguing that it's as big of a deal for the world oil market as the rise of China was over the last 15 years.

Canada's economy expanded 2.7 per cent in the third quarter, beating analyst expectations and shaking off concerns about the country's ability to pick up slack following a sluggish performance earlier this year.

Statistics Canada said mining and oil and gas extraction drove the increase, rising 2.2 per cent in the July-September period, following 2.3-per-cent drop in the second quarer.

Manufacturing, retail and the financial services industry also saw gains.

The third quarter is a good time for spending given that it's back-to-school shopping season and as companies pick up activity following the summer vacation season.

Business investment grew by a half a per cent in the third quarter, after falling by the same amount in the April-June period.