OTTAWA: Canada's economy grew 1.8 percent last year, a bit less than the central bank's forecast and down from 2.6 percent in 2011, the government statistics agency said on Friday.
Gross domestic product in the fourth quarter was up 0.2 percent, similar to the previous quarter's gains, as mining and oil and gas extraction was up and manufacturing recorded a significant decrease.
The arts and entertainment sector, transportation and warehousing as well as wholesale trade also declined while construction, the public sector, utilities and the finance and insurance sector increased in the last three months of 2012.
Household spending was up.
Business investment on machinery and equipment continued to be weak, with fewer purchases of heavy trucks and buses, and more aircraft and computer outlays. Following 12 months of anaemic government spending, it ticked up slightly in the fourth quarter of 2012.
Business inventories were "sharply lower" in the fourth quarter, said Statistics Canada. Manufacturers' and wholesalers' inventories were down while retailers' inventories rose.
Imports were down, and exports edged up. Disposable income inched up, but Canadians saved less.
- AFP/al
Canada's Q4 GDP flat, growth at 1.8% for 2012
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Canada's Q4 GDP flat, growth at 1.8% for 2012
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Canada's Q4 GDP flat, growth at 1.8% for 2012
