OTTAWA: Canada’s economy expanded at an annual pace of nearly four per cent in the first quarter, more than three times the growth seen in the U.S. in the same period. According to Statistics Canada, the total value of all goods and services sold in Canada grew in absolute terms by 0.9 per cent from the level seen at the end of 2016. But that’s an annualized pace of 3.7 per cent. The showing, while strong, was less than the 3.9 per cent annual pace of growth that economists had been expecting.
Domestic demand led the way in terms of growth, while exports were lower. After falling in four of the previous five quarters, investment in machinery and equipment advanced 5.8 per cent. Household final consumption increased 1.1 per cent, led by vehicle purchases, the data agency said. Speaking to reporters in Ottawa on Wednesday, the International Monetary Fund’s mission chief for Canada, Cheng Hoon Lim, called the quarterly growth figure “very robust” and “an impressive achievement” given the current pace of growth in other developed economies.
