Canada’s economy outperforming U.S.

August 31, 2012 Filed under America Posted by

Flaherty says modest growth reinforces Canada ‘is on the right economic track’

CBC News

Aug 31, 2012

An employee at a Quebec City steel mill is shown. Canada's economy expanded at a 1.8 per cent annual pace last quarter.
An employee at a Quebec City steel mill is shown. Canada’s economy expanded at a 1.8 per cent annual pace last quarter. (Jacques Boissinot/Canadian Press)
Canada’s economy expanded at a 1.8 per cent annual pace during the last quarter, the same growth seen at the start of the year and slightly better than what economists were expecting.

Statistics Canada said Friday that an increase in business investment was the biggest factor contributing to growth.

Economists had been expecting a 1.6 per cent gain. For comparison purposes, the U.S. economy expanded at a 1.7 per cent annual pace during the same period.

Speaking to reporters in Toronto, Finance Minister Jim Flaherty said he was encouraged by the showing.

“While the growth is modest, it reinforces that Canada is on the right economic track compared to other countries,” Flaherty said.

He was especially heartened by the uptick in business investment, since it shows the private sector has renewed confidence and is starting to drive expansion.

“This is something we’d like to see more of,” he said.

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