NEWS

Canada's economy expands at faster pace

05/31/2013 10:20 EDT | Updated 07/31/2013 05:12 EDT
Canada's gross domestic product expanded last quarter at its fastest pace in a year and a half, annualized at 2.5 per cent.

Statistics Canada reported Friday that more oil exports to the U.S. jumpstarted the economy.

By sector, mining and oil and gas extraction showed the largest gain at 4.1 per cent.

Also expanding, at a slower pace, was the public sector, notably:

- Finance and insurance.

- Arts and entertainment.

- Construction.

- Retail trade.

- Manufacturing.

In the three months between January and March, Canada's GDP expanded by 0.6 per cent in real terms, the largest quarterly gain since late 2011.

Economists had been expecting the economy to get off to a strong start in 2013, with a consensus polled predicting growth of 2.3 per cent. But the 2.5 per cent figure was even better than that.

For comparison purposes, the most recent data show the U.S. economy is expanding at a 2.4 per cent annual pace.

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