Stronger exports helped boost the Canadian economy from the sluggish second half of 2012 to grow at a rate of 2.5 percent in the first quarter of this year, the fastest pace in six quarters, Statistics Canada (Statscan) said Friday. The real growth rate was well above the Bank of Canada's forecast in April of 1.5 percent, topped the median projection of 2.3 percent in a Reuters survey, and was slightly ahead of U.S. growth of 2.4 percent for the quarter. Statscan also revised up fourth quarter growth to 0.9 percent from 0.6 percent. Exports of goods and services made the biggest contribution to overall growth in the quarter. On a non-annualized basis, gross domestic product (GDP) grew by 0.6 percent. The growth in final domestic demand was only 0.1 percent, the weakest showing in four years. Consumer spending grew slightly, current spending by governments also rose, and businesses added to their inventories. Investment fell, with a decline in business investment in housing helping to outweigh investment in plant and equipment.
