Gross domestic product in Canada rose 0.8% in the fourth quarter, said Statistics Canada today. The result was a doubling of the previous quarter's 0.4% GDP gain.
"Primarily on the strength of oil and gas extraction, the mining sector increased 2.0% in December. Natural gas production rose significantly as demand south of the border increased. Oil extraction also went up on the strength of synthetic crude petroleum production. Metal ore mining declined partly as a result of unfavourable weather conditions and a return to more normal production levels in the nickel, copper, lead and zinc mines," reported Statistics Canada.
Export demand, which contributed the most to fourth quarter growth, was up 4%.
"Businesses reduced inventories by $5 billion in the fourth quarter, after strong build-ups in the two previous quarters. Business investment in plant and equipment expanded for the fourth consecutive quarter, while investment in housing fell for the second time in a row."
Michael Allan McCrae wrote this story. You can contact him at email@example.com.