Canada’s real gross domestic product edged up 0.5% in the third quarter, following a 0.7% increase in the second quarter, Statistics Canada reported today. Expressed at an annualized rate, real GDP rose 2.0% in the third quarter; in comparison, real GDP in the US rose at an annualized rate of 3.5%.

Growth in household spending slowed to 0.3% in the third quarter from 0.6% in prior quarter.

Heightened trade uncertainty over the summer took a major toll on Canada’s economy in the third quarter, prompting households to slow consumption and businesses to sharply curtail investment, BNN Bloomberg reported.

Strength in mining and petroleum refineries boosted growth in the third quarter, benefitting from higher prices and foreign demand. Strength was also evident in service industries, including real estate.

Overall corporate earnings increased in the third quarter, led by a 3.0% nominal increase in the gross operating surplus of non-financial corporations.