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Canadian Economy Chugs Along In January

The Canadian economy economy grew at a slower pace in January compared to final month of 2011, as increased factory activity was nearly offset by a slowdown in natural gas extraction.

Real gross domestic product edged up 0.1 percent in January after increasing 0.5 percent in December 2011, according to figures released Friday morning by Statistics Canada.

While anemic, the modest rise in economic activity defied analysts expectations for a zero-growth month.

Increases were also posted in the banking, utilities, wholesale trade, and the public sector. Manufacturing increased for a fifth consecutive month in January, up 0.7 percent.

Oil and gas extraction declined 0.9 percent as a notable decrease in natural gas extraction outweighed higher crude petroleum production. Lumber and construction activity slumped.

by RTTNews Staff Writer

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