Canada's Economy Grew 3% in 2017

03/02/18 09:00 AM EST
   By Kim Mackrael 

OTTAWA--Canada's economy expanded at a slower pace than expected in the fourth quarter, as business investment increased and household spending moderated.

Canada's gross domestic product, or the broadest measure of goods and services produced in an economy, rose at a 1.7% annualized rate in the fourth quarter of 2017, to $1.87 trillion Canadian dollars ($1.46 trillion), Statistics Canada said Friday. Market expectations were for a 2% advance, according to economists at Laurentian Bank Securities, while the Bank of Canada had earlier forecast a 2.5% gain.

In comparison, the U.S. economy advanced 2.5% in the final three months of 2017.

For 2017, Canada's economy grew 3%, ahead of the 1.4% expansion recorded in the previous year. The Bank of Canada had earlier estimated 2017 growth at 3%.

On a month-over-month basis, GDP rose 0.1% in December, matching market expectations. December's data come after the Canadian economy posted strong gains in November, with gross domestic product advancing 0.4% from the previous month.


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(END) Dow Jones Newswires

March 02, 2018 09:00 ET (14:00 GMT)

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