Summary Box: Canada central bank raises key interest rate to 1 percent, 3rd hike since June

Summary Box: Canada ups key interest rate to 1 pct

BANK OF CANADA UPS KEY RATE: Canada’s central bank raised its benchmark interest rate by a quarter point to 1 percent, after similar moves in June and July.

RECOVERY SLOWING: The bank expects the economic recovery in Canada will be slightly more gradual than it expected because of a weaker outlook in the U.S., its main trading partner. Last week, Canada said its gross domestic product rose 2 percent in the second quarter, down from 5.8 percent in the first quarter. Its unemployment rate edged up to 8 percent in July, the first rise in almost a year.

SMALLER IMPACT FROM CRISIS: Canada withstood the global economic crisis better than most developed countries.