Despite net external trade being a drag, the economy managed to grow by close to 2.0% q/q annualised in the third quarter, partly thanks to a big rebound in non-residential buildings investment. Nevertheless, that’s considerably slower than the torrid pace in the first half of this year. Unfortunately, the outlook for GDP growth next year is looking even cloudier, with the potential demise of NAFTA, stubbornly low oil prices and ongoing housing-related risks.
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