Canada GDP up 1.8 percent in second quarter

OTTAWA — Canada’s economy grew 1.8 percent in the second quarter, fueled by continued business investment in manufacturing plants and equipment, a government agency said Friday.

By (AFP)

Published: Fri 31 Aug 2012, 7:42 PM

Last updated: Tue 7 Apr 2015, 11:48 AM

The figure beat analysts’ expectations.

Statistics Canada said business investment in mainly transportation equipment and industrial machinery rose 2.3 percent, continuing a string of consecutive increases that began in 2010.

The mining, oil and gas sector, as well as construction, were the main contributors to overall growth, it said.

Gains were also recorded in manufacturing, agriculture, wholesale trade, the finance and insurance sector and professional services while retail trade and utilities declined.

An increase in crude petroleum production was partly offset by a decrease in natural gas extraction.

Increased output at potash, as well as copper, nickel, lead and zinc mines, outweighed declines at coal mines.

Consumer spending increased slightly. Canadians bought less clothing and shoes and fewer cars, but spent more on furniture and carpets.

Exports of goods fell slightly, led by agriculture and fish products, while imports increased for a third consecutive quarter.

Corporate profits fell 4.7 percent in the second quarter, following a decline of 3.7 percent in the previous quarter.

Meanwhile, wages rose 1.2 percent, up from the pace in the previous quarter of 0.7 percent. Personal saving increased 18 percent.

More news from Business
In-store shopping regains trust


In-store shopping regains trust

What is happening now is that as Covid-19 cases continue to decline, residents are regaining confidence in in-store shopping. This is according to a Kearney study in which UAE respondents cite convenience (51 per cent), enhanced shopping experience (49 per cent) and competitive pricing (44 per cent) as the main motivators driving them back to brick and mortar stores

Business3 days ago