Canada Economy Grows 0.6% QoQ In Q1

Real gross domestic product in Canada expanded at the fastest pace in six quarters in the first three months of 2013, bolstered by a 1.5% increase in exports.
Statistics Canada | Duarte Ricardo | 5/31/2013 1:59:46 PM
Exports were the largest contributor to growth in the quarter. Export volumes increased 1.5%, after a gain of 0.2% in the fourth quarter of 2012 and declines in the previous three quarters. Imports were up slightly by 0.3%, after falling 0.8% in the previous quarter.

Final domestic demand edged up 0.1%, the weakest showing since the first quarter of 2009.

Consumer spending was up 0.2%, sustained by higher spending on services.

Investment declined as business investment in residential structures fell 1.2%. New home construction declined and housing resale activity showed continued weakness. Business investment in plant and equipment was up 0.2%, following a 1.3% increase in the previous quarter.

Government final consumption expenditures increased 0.5%, in line with the previous quarter.

Businesses added $5.9 billion worth of goods to inventories, after adding $3.9 billion in the previous quarter.

Expressed at an annualized rate, real GDP expanded 2.5% in the first quarter. By comparison, real GDP in the United States grew 2.4%.

Canada Economy Grows 0.6% QoQ In Q1