Canada’s gross domestic product expanded by 0.6 per cent in the final three months of 2014, a bit slower than the pace seen in the previous quarter but better than what analysts were expecting.
Statistics Canada said exports of goods and services fell 0.4 per cent between October and December after increasing 2.2 per cent in the previous three months. Much of the slowdown in exports was tied to the price of oil, as Canadian energy companies pumped out far less in response to plunging prices.
“Exports of motor vehicles and parts (-3.5 per cent) and energy products (-1.3 per cent) were notably lower,” the data agency said.
Overall, the 0.6 per cent quarterly expansion translates into a 2.4 per cent annual rate, which is stronger than the U.S.’s 2.2 per cent growth during the same period.