Canadian Economy Grows 5% In Fourth Quarter

Canada’s economy grew a faster than expected 5% in the fourth quarter, powered by personal spending, government stimulus and real estate investment, Statistics Canada said.

Gross Domestic Product rose 1.2% from the previous quarter, the biggest quarterly increase in almost nine years, StatsCan said.

Consumer spending on goods and services advanced 0.9% in the fourth quarter, the same as the increase recorded in the third quarter.

Investment in residential structures increased 6.5%, in its third consecutive quarterly gain. Fourth quarter investment was led by new housing construction, which jumped 7.1%, recording the first quarterly gain since 2007.