The economy of Canada grew at a faster-than-expected pace in the fourth quarter of last year, as consumer spending and stronger accumulation of inventories offset a decline in exports, Statistics Canada (Statscan) reported Tuesday. Still, the 2.4 percent annualized rate for fourth-quarter gross domestic product (GDP) marked a slowdown from the robust 3.2 percent annual pace in the third quarter. Economists expected a 2.0 percent fourth-quarter growth rate. Household spending—the pillar of the Canadian economy since the 2008 financial crisis—rose at a 2.0 percent annual rate in the October-December period. Exports of goods fell 2.5 percent. Exports of crude oil and bitumen products fell 6.5 percent, while exports of refined petroleum products plunged 36.3 percent amid the sharp decline in oil prices. For all of 2014, Canadian GDP rose 2.5 percent, accelerating from 2 percent in 2013, Statscan said.
