Canada churns out 2.6% annualised GDP growth

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Canadian economic growth came in at an annualised pace of 2.6 per cent in the fourth quarter, comfortably above the 2 per cent pace expected by economists polled by Bloomberg and above the 1.9 per cent pace south of the border in the US.

The economy grew by 0.6 per cent in the quarter, building on an expansion of 0.9 per cent in the third, according to Statistics Canada.

The stats office said:

Growth was driven by higher outlays on durable goods (+2.0%) and financial services such as mutual funds and stock and bond commissions (+1.6%). Investment in housing increased 1.2%.

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