April 30, 2010 - Canada's economy grew by a healthy 0.3 percent in February, the sixth consecutive monthly increase, in another sign the recovery from last year's recession is holding firm, Reuters reported today.
The figures show the economy is in line to meet the Bank of Canada's forecast for 5.7 percent annualized growth in the first quarter of 2010. First quarter figures are due next month.
"The initial stages of Canada's recovery were simply much, much more impressive than almost anyone expected," said Douglas Porter, deputy chief economist at BMO Capital Markets. The increase matched analysts' expectations.
Even the hard-hit manufacturing sector grew by 1.2 percent on higher production of durables and nondurables, Statistics Canada said on Friday.
Manufacturers have been particularly hurt by the crisis, coupled with a strong Canadian dollar and weak U.S. markets.
"Overall, this was a fairly favourable report as it suggests that the Canadian economy has continued to grow a respectable pace," said Millan Mulraine of TD Securities.
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