The canadian imperial bank of commerce stated that Canada's third quarter GDP data supports the Bank of Canada's decision to cut interest rates by 50 basis points for the second consecutive time next month. The annualized economic growth rate of Canada in the third quarter was 1%, lower than the central bank's expectation of 1.5%. The bank believes that there is also a positive side to the GDP report, such as a significant acceleration in household spending and a rebound in real estate investment after three consecutive quarters of decline. However, the data indicates that the third quarter ended weakly, with GDP in September growing by 0.1% compared to the previous month, and the preliminary data for October also showing a 0.1% increase, which means that according to the bank's estimates, based on the early data of the fourth quarter, GDP will grow by 1%, also lower than the central bank's forecast of 2%.