World Business Briefing: Canada: Growth Beats Estimate
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The Canadian economy grew more than twice as fast in the first quarter of 2007 as in the previous quarter, setting the stage for the Bank of Canada to begin raising interest rates soon. Statistics Canada said that gross domestic product grew an annualized 3.7 percent, up from 1.5 percent in the fourth quarter, and topping analystsâ estimate of a 3.5 percent gain. It was the fastest rate of quarterly growth since the third quarter of 2005. Steady consumer spending and output of goods and services offset weakening exports and slower growth in domestic demand, resulting in an accumulation of inventories.
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Investor's Business Daily - A U.S. slowdown in the 1st half of '08 could hit Canada's growth harder than was expected just a few months ago, Bank of Canada Gov. David Dodge said. The U.S. is Canada's top trading partner. Last week's gloomy U.S. jobs report raised concerns about a recession there. The Canadian economy has been hurt lately by the strength of its dollar vs. the U.S. dollar. Dodge said that the Canadian currency's strength was "having a slightly greater downside impact on our domestic inflation than we expected last October."
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TORONTO (CP) - Led by oil-rich Alberta and the other western provinces, Canada&#39;s economy is forecast to grow by 3.1 per cent this year and 3.6 per cent in 2005, Royal Bank says in its latest economic forecast.
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Canadian Natural Resources Ltd., Canada&#39;s second-largest natural-gas producer, said third-quarter profit jumped 55 percent as prices soared and acquisitions boosted output.
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OTTAWA (CP) - A robust housing market and higher prices for building materials, labour and land pushed up prices for new houses across the country in August, says Statistics Canada.
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CALGARY, Alberta  - Canadian oil production will grow 9 percent this year, the country's national energy regulator said on Thursday, due to growing output from the Alberta oil sands and offshore oil projects.
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Quarterly profit beat expectations on strong growth in its international, ground and freight segments.
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Investor's Business Daily - The Business Roundtable, which includes the heads of some of the biggest U.S. companies, said its economic outlook index rose to 84.9, up from 81.9 in Q4 '06. In the Feb. 8-22 survey, 73% of CEOs polled expect sales to rise over the next 6 months vs. 69% in Q4. Capital spending plans also improved. But the net share of big firms planning to hire fell to 12% from 14%.
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China's economy grew by a blistering 11.2 percent in the fourth quarter, propelling annual growth to its fastest rate in 13 years, the government said Thursday, showing that China remains vibrant despite worries that a possible U.S. recession will drag on global growth.
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Despite cautionary words from Bank of Canada Governor David Dodge last week about the impact of the rising dollar, Canadian gross domestic product likely grew at a healthy 3.5% clip in the third quarter due to strong consumer spending.
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Canadian central bank chief David Dodge told Finance Minister Ralph Goodale in July the country&#39;s chances of steady economic and job growth are the best in years, a rosier assessment than his public statements on the matter.
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TORONTO (CP) - Early stock market indicators turned positive Friday as oil-price pressure eased, General Electric posted robust earnings and Canada reported employment growth.
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Canada&#39;s bonds rose after Bank of Canada Governor David Dodge said the Canadian dollar&#39;s rise to a 12-year high may curb economic growth, indicating the bank may not raise interest rates next month.
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Robust business investment helped push U.S. second-quarter growth ahead at an upwardly revised 4 percent annual rate, the government reported on Thursday, the fastest pace since early last year but one that is unlikely to be sustained.
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The dominant service sector grew more than expected in May, according to a report released on Tuesday.
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OTTAWA - An indicator that gives an early look at Canada&#39;s economic situation showed more signs of slowing in September, Statistics Canada said Wednesday.
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OTTAWA (CP) - With the loonie flying high against the American greenback, Canada will be casting a much wider net - reaching as far as Asia - for new investment and trade opportunities in 2005.