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article imageCanada economy grew faster than expected, dims rate cut talk

    Feb 28, 2014 in Business

OTTAWA (Reuters) - Canada's economy grew at a greater-than-expected annualized rate of 2.9 percent in the fourth quarter of 2013 after expanding by 2.7 percent in the third quarter, Statistics Canada data indicated on Friday.

Market operators had predicted fourth quarter growth of 2.5 percent.

Statistics Canada also revised up its growth figures for the first two quarters to reflect that exports of crude oil and crops were greater than it had initially estimated.

Statscan now says first quarter growth was 2.9 percent compared to an initial 2.3 percent, while second quarter growth was 2.2 percent rather than 1.6 percent.

For 2013 as a whole, real gross domestic product grew by 2.0 percent from 2012 after increasing by 1.7 percent year-on-year in 2012.

Gross domestic product in December fell 0.5 percent from November after five consecutive monthly increases. Traders had expected a 0.3 percent drop, in part because of unusually cold weather that hit retail sales.

(Reporting by David Ljunggren; Editing by Nick Zieminski)

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