According to Statistics Canada, Canada's economic growth in the third quarter of the year has decreased by 1.1% compared to last year.

The federal agency said the decline in international exports was partially offset by increased government spending and housing investment.

Today's report shows that consumer spending was flat for the second consecutive quarter.

Meanwhile, business investment fell by two percent.

An increase in central bank interest rates puts downward pressure on consumer spending and businesses, as this action is accompanied by an increase in loan installments.

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