Canada economy rebounds in January after weak spell

OTTAWA (Reuters) - Canada's economy bounced back in January with 0.2 percent growth following the weakest two quarters since the 2008-09 recession thanks to solid manufacturing, mining and an end to a work stoppage in professional ice hockey, Statistics Canada said on Thursday.

Analysts surveyed by Reuters had expected a 0.1 percent increase in monthly gross domestic product following a 0.2 percent decline in December.

The data suggests the economy is starting the year on a more solid footing after a disappointing 0.6 percent annualized growth in the fourth quarter.

The Bank of Canada has projected a hefty 2.3 percent growth in the first three months of 2013, although it may revise that outlook in its quarterly update on April 17.

The Canadian dollar hit C$1.0145 versus the U.S. dollar, stronger than C$1.0157, or 98.45 U.S. cents immediately before the data. But the currency quickly gave back all of those gains.

In a separate report, Statscan said Canadian industrial product prices grew 1.4 percent in February from January, the biggest jump since June 2008 as prices for petroleum, coal and other commodities charged higher.

Manufacturing contributed the most to the rebound, expanding 1.2 percent on gains in both durable and non-durable goods. Producers of fabricated metals and wood products showed gains while the transportation equipment industry softened.

Statscan also noted strength in mining, quarrying and oil and gas extraction, which increased 0.2 percent, and in wholesale trade, up 0.7 percent. The arts and entertainment sector got a one-time boost of 4.1 percent after owners and players in the National Hockey League reached a deal to end their labor dispute and begin a delayed hockey season.

Industries that shrank in January included agriculture and forestry, construction, and finance and insurance.

(Reporting by Louise Egan; Editing by Chizu Nomiyama)

Source: http://news.yahoo.com/canada-economy-bounces-back-january-factories-123938266--business.html

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