The growth of the Canadian economy exceeded expectations in the final three months of last year to post the best year of growth since 2011, reports CTV News.
The full-year advance of 2 per cent was three-tenths of a point higher than the predictions put forth by the Bank of Canada or Finance Minister Jim Flaherty's budget, which was introduced earlier this month.
The fourth quarter of 2013 saw a growth rate of 2.9 per cent, four-tenths of a point better than the general estimate of 2.5 per cent. However, Statistics Canada also modified the growth numbers in both the first and second quarters covering the first half of 2014.
However, the sole issue detracting from a much stronger GDP report was that December 2013 was worse than expected, as output fell 0.5 per cent from November. This was the biggest monthly setback seen since March 2009.
Earlier, economists forecasted that the country's GDP would rise 2.5 per cent annualized in the fourth quarter, while falling 0.3 per cent in December.
The full-year advance of 2 per cent was three-tenths of a point higher than the predictions put forth by the Bank of Canada or Finance Minister Jim Flaherty's budget, which was introduced earlier this month.
The fourth quarter of 2013 saw a growth rate of 2.9 per cent, four-tenths of a point better than the general estimate of 2.5 per cent. However, Statistics Canada also modified the growth numbers in both the first and second quarters covering the first half of 2014.
However, the sole issue detracting from a much stronger GDP report was that December 2013 was worse than expected, as output fell 0.5 per cent from November. This was the biggest monthly setback seen since March 2009.
Earlier, economists forecasted that the country's GDP would rise 2.5 per cent annualized in the fourth quarter, while falling 0.3 per cent in December.
