Our economy slowed in the first three months of 2014, partly the result of severe winter weather continued to hamper growth along with a combined weak business and residential investments.
Statistics Canada reported this morning that gross domestic product, the broadest measure of economic activity, rose by 1.2% on an annualized basis, well below private-sector estimates, and the smallest annualized quarterly increase since 0.9% recorded in the fourth quarter of 2012.
Economists had forecast 1.8% annualized growth in the first quarter. Even so, Canada’s managed better than the U.S. between January and March, which posted an annualized decline of 1% for the quarter.
For March alone, gross domestic product edged up 0.1% — the smallest monthly advance since December 2013, when the economy declined by 0.4%.
Meanwhile, Statistics Canada said GDP grew by an annualized rate of 2.7% in the fourth quarter of 2013, revised downward from 2.9%, from while the estimate for the full-year’s gain remained at 2%.
The federal agency also revised its quarterly estimate for the third quarter to 3%, up from the initial figure of 2.7%, while Q2 was adjusted to an increase of 1.9 % from 2.2% and growth in the first three months of 2013 was adjusted to 3% from 2.9%.
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