Canada unlike our southern neighbour is showing signs of strong growth. More good news for Canada and bad news for iffy.
Canada's economy grew at the fastest pace in three years in January, capping a month of signals that the country—unlike its southern neighbor—is well on its way to recovery.
Gross domestic product rose 0.6% to $1.22 trillion Canadian dollars (US$1.20 trillion) in January, its fifth consecutive monthly increase, on strength in manufacturing, construction and wholesale trade, Statistics Canada said. The rise was greater than expected, prompting many economists to estimate that GDP grew between 5% and 6% on an annualized basis during the first quarter of 2010.
Housing continued to be an important engine of Canada's economic recovery. Construction rose 1.7% in January from December, boosted by a 4% increase in residential construction and a 1% increase in repair work, offsetting a 0.5% decrease in nonresidential construction.