Real GDP growth hit annual rate of 2.5 per cent in Q1, says StatsCan

OTTAWA – Statistics Canada says the economy grew at an annualized rate of 2.5 per cent in the first quarter, the fastest in more than a year.

That was better than already optimistic private-sector estimates and the fastest in six quarters, according to Statistics Canada.

The agency says on a monthly basis, real GDP by industry grew 0.2 per cent in March.

It says exports were the largest contributor to growth in the quarter.

Export volumes increased 1.5 per cent after a gain of 0.2 per cent in the fourth quarter of 2012 and declines in the previous three quarters.

Imports were up slightly by 0.3 per cent after falling 0.8 per cent in the previous quarter.

Consumer spending was up 0.2 per cent, sustained by higher spending on services.

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