OTTAWA, Ont. — Canadas economy exceeded expectations in February, growing twice as fast as most experts had predicted.
“The Canadian economy is holding up well in the face of the US slowdown,” economist Doug Porter of BMO Capital Markets told media yesterday.
The higher than expected economic growth nudged the Canadian dollar upwards.
“The loonie has leapt an astounding 7% since the lows hit three months ago, with a 4% rise in April alone,” Porter said.
While some economists are taking the economys strong performance as a sign of things to come, others are taking a more guarded approach.
“Even if you take three monthly reports, it’s not as great an indicator of what (we will learn in May about economic growth) from national accounts for the first quarter,” said Dale Orr of the international forecasting firm Global Insight told media. “It’s not something I would spend more than five minutes looking at.”
Statistics Canada has reported the production of goods and services climbed 0.4% in February marking the fifth consecutive month of growth. Vehicle production in Ontario was also up in February.
— With files from the Canadian Press and the Toronto Star
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