Canada's economy grew in 3rd quarter

AP News
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Posted: Nov 30, 2009 10:28 AM

The Canadian economy grew in the third quarter after three consecutive declines in a sign the recession has ended.

Statistics Canada reported Monday that the nation's gross domestic product expanded at an annualized rate of 0.4 percent in the third quarter. It was the first quarter of economic growth in a year. Recessions are defined as at least two back-to-back quarters of contraction.

Canada has avoided bank bailouts and has not experienced the failure of any major financial institution. But the global financial crisis hurt Canada as more than 70 percent of Canada's exports to the U.S.