Canada’s gross domestic product expanded by 0.6 per cent in the final three months of 2014, a bit slower than the pace seen in the previous quarter but better than what analysts were expecting.
Statistics Canada said exports of goods and services fell 0.4% between October and December after increasing 2.2% in the previous three months. Much of the slowdown in exports was tied to the price of oil, as Canadian energy companies pumped out far less in response to plunging prices.
“Exports of motor vehicles and parts (-3.5%) and energy products (-1.3%) were notably lower,” the data agency said.
Overall, the 0.6% quarterly expansion translates into a 2.4% annual rate, which is stronger than the U.S.’s 2.2% growth during the same period. Click here to read more.
Related: Canadian Dollar Gets Bump from GDP Data, Ahead of Central Bank Rate Decision (Canadian Press)