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Economic growth weakens in India, Brazil and Canada

  • Several major economies reported disappointing data for the third quarter on Friday.

    Economic growth weakened in India, Canada and Brazil.

    A surprising drop in Canada’s exports and weakened activity in its oil and gas sector pulled its annualized growth rate in the third quarter down to 0.6 percent, lower than the 0.9 percent growth rate expected by economists.

    Brazil also grew at 0.6 percent coming in as a shock for a country that was growing at a rate of 7.5 percent in 2010.

    India’s growth rate came in at 5.3 percent compared to the same period last year.

    Meanwhile in the eurozone, unemployment hit a record high of 11.7 percent in October on the back of a drop in German retail sales and French consumer spending.