The highest spending in almost two years by foreign mining and energy companies was the big driver of a recent increase in investment into Canada. Foreign direct investment, which includes building new production sites or buying stakes in companies, rose to $10.8 billion (Canadian) in the third quarter, from $7.7 billion in the prior period, Statistics Canada said Thursday from Ottawa. Net investment in mining and energy totalled $3.8 billion, after a net divestment of $1.3 billion in the second quarter. Foreign investment in Canada rose to $10.8 billion in the third quarter this year, despite U.S. tariffs on Canadian steel and aluminum. The Bank of Canada is also counting on investment spending to sustain economic growth with indebted consumers being pinched by rising interest rates.

Source: thestar November 29, 2018 15:27 UTC