Canada's economy picks up in second quarter

GMT 17:19 2014 Friday ,29 August

Arab Today, arab today Canada's economy picks up in second quarter

A logging truck races through forest
Ottawa - AFP

Canada's economy picked up momentum in the second quarter after starting the year in a slump, with activity increased in most sectors, the government statistical agency said Friday.
Growth rose to 0.8 percent, from 0.2 percent in the first three months of the years, Statistics Canada said.
At an annualized rate, gross domestic product (GDP) was 3.1 percent -- "a full four ticks stronger than what was expected by the street," noted CIBC World Market economist Nick Exarhos.
Consumers were the driving force behind the uptick, buying up cars and trucks, furnishings, food and beverages, hotel services, clothing and footwear.
Their wages and salaries, however, grew at a slower pace. Canadians were able to save less, as expenditures increased faster than disposable income.
Demand for housing rebounded after two slow quarters. Home renovations were higher too.
Businesses, meanwhile, invested more in machinery and equipment, and heavy trucks.
Mineral exploration and evaluation, as well as research and development continued to fall in the quarter.
There was increased copper, nickel, lead, zinc, potash and, to a lesser extent, iron ore mining in the quarter.
Oil production was up, but farmers saw lower crop production.
Rail and truck transportation increased while retail sales and construction also rose.
An increase in electric power generation, transmission and distribution, meanwhile, more than offset a decline in natural gas distribution.
Also, growth in banking and in financial investment services offset a decline in insurance services.
Canadian exports increased after edging down in the first quarter, with passenger cars and light trucks, farm and fishing products as well as forestry products and building and packaging materials contributing the most to the increase.
"This was the largest increase since the third quarter of 2011," said Statistics Canada.
Imports also rose a relatively whopping 2.7 percent, lead by motor vehicles and parts, consumer goods as well as chemical, plastic and rubber products.
Imports of energy products, however, were down 7.4 percent while imports of metal ores and concentrates fell 12.5 percent.

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