Canada’s Economy Picking Up Speed

By June 1, 2010Economy, Energy, Trade

From The Globe and Mail, “Canada’s economy keeps roaring ahead“:

The Canadian economy, already the envy of the Group of Seven, is within striking distance of returning to its pre-recession peak.

Fuelled by a hot housing market, a rebounding manufacturing sector, higher incomes and a mini-hiring boom, the economy expanded in the first three months of the year at the fastest annualized pace in more than a decade. The stronger-than-expected 6.1-per-cent rate reported by Statistics Canada Monday was more than twice the rate of growth in the United States in the same period.

Looking at the March update, as well, we’d highlight the energy sector. More from the StatsCan release:

Manufacturing rose 1.8% in March with 20 of the 21 major groups advancing. Manufacturers of machinery, primary and fabricated metal products, as well as non-metallic mineral and food products recorded significant production increases.

Mining and oil and gas extraction rose 2.7%, mainly as a result of a significant increase in oil extraction. Increased activity at copper, nickel, lead and zinc mines, as well as at gold and silver ore mines also contributed to the growth. Support activities for mining and oil and gas extraction retreated after seven consecutive monthly increases.

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