OTTAWA – Statistics Canada says the economy grew at an annualized rate of 2.9 per cent growth rate in the final quarter of 2013.
The advance was stronger than economists expected and occurred despite a 0.5 per cent setback in December, when unusually severe winter weather affected parts of the country.
Overall, the Canadian economy grew by two per cent last year.
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That’s about three-tenths of a percentage point stronger than predicted by the Bank of Canada or the latest federal budget.
It was the first time since 2011 that the advance in the gross domestic product has been in the two-per-cent range.
Statistics Canada said production picked up in most major industries during the fourth quarter.
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