Canadian economy falters

Published: March. 3, 2008 at 3:38 PM

OTTAWA, March 3 (UPI) -- The Canadian economy faltered in the fourth quarter of 2007, Statistics Canada reported Monday.

The economy grew at a 0.8 percent rate in the fourth quarter, just ahead of the rate in the United States, which registered a 0.6 percent growth rate, the report said.

Exports contributed to the slowing rate, falling 2.2 percent in the fourth quarter with declines reported in many sectors. Exports in machinery and automotive industries declined, while the Canadian dollar rose against the U.S. dollar and several vehicle assembly plants shut down during the quarter.

Consumer spending increased with a 4.3 percent jump in spending on vehicles. Canadian spending on travel also increased significantly in the quarter, the report said.

Service expanded 0.7 percent, while the production of goods contracted 0.9 percent, the report said.

Canadian homeowners were also caught in a crunch, as the report indicates personal debt reached 116.4 percent of disposable income.

© 2008 United Press International, Inc. All Rights Reserved.
Order reprints



Additional News Stories
NHL suspends Flyers' Briere (4 min)
COL BKB: Kentucky 73, Cleveland State 49 (13 min)
Federer assures No. 1 status with ATP win (48 min)
Real Alice's 'Looking Glass' to be sold (60 min)
Report: N.D. quarterback got in bar fight
Deer stunned by Toronto police
Grain futures mixed Tuesday
fark
Star Wars Facebook status updates. Something something Dark Side something something
"Polish-your-resume" unlikely: I don't recall leaking secret information about my political enemies....
Having already unlocked the achievement for weirdest nation in the world, Japan goes for the bonus...
Train Man
Celebrated trial lawyer died driving unsafe and uncrashworthy SUV on negligently designed and maintained...
Even the judge agrees there's nothing wrong with a little tongue