# Canada's economy unexpectedly shrinks 1.1% in Q3 but skirts recession

> Statistics Canada data showed the economy contracted 1.1% annualized in the third quarter, a sharper decline than the forecast of slight growth. The result was still not enough to be classed as a recession because of upward revisions to the prior quarter.

- Date: 2023-11-30 · published 2023-11-30T12:00:00.000Z
- Category: macro · region Canada · magnitude low
- Page: https://feedsoft.ai/events/33400-canada-s-economy-unexpectedly-shrinks-1-1-in-q3-but-skirts-recession
- Commodities: [Canadian Dollar (CAD per USD)](https://feedsoft.ai/c/USDCAD.md)

## Why it matters

A weaker Canadian economy reduces domestic demand for feed grains and livestock, and it tends to weigh on the loonie against the US dollar, which raises the cost of imported feed inputs for Canadian buyers.

## Read by commodity

- USDCAD: neutral

## Sources

- reuters.com: https://www.reuters.com/markets/canadas-economy-shrinks-11-q3-growth-seen-october-2023-11-30/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.