Economy picks up speed in February

Mining, energy and manufacturing boost growth
|labour-reporter.com|Last Updated: 04/30/2013

(Reuters) — Canada's economy grew faster than expected in February, Statistics Canada said on Tuesday, and it revised upward the growth estimate for January, citing strength in potash mining, oil and gas and manufacturing.

Gross domestic product by industry expanded 0.3 per cent in the month, compared with market forecasts for 0.2 per cent growth. Statistics Canada said the economy grew 0.3 per cent in January, up from 0.2 per cent initially estimated.

Compared with February 2012, gross domestic product expanded 1.7 per cent.

The biggest lift came from mining, quarrying and oil and gas extraction, which expanded 2.2 per cent thanks to a significant increase in output from potash mines, increased oil production and support activities in the energy sector.

The hard-hit manufacturing sector continued to recover with 0.8 per cent growth and construction gained 0.2 per cent.

Overall, goods-producing industries grew 0.9 per cent.

Services, by contrast, eked out a mere 0.1 per cent gain as the end of a labor dispute in professional hockey continued to boost the arts and entertainment sector, offsetting a downturn in wholesale trade.

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