UPDATE 2-Mining and gas help Canada's GDP add 0.2 pct in February

Wed Apr 30, 2014 10:28am EDT
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* GDP +0.2 pct in Feb, +0.5 pct in Jan, -0.4 pct in Dec

* Mining, gas, manufacturing sectors up

* Seasonally adjusted crop production down

* TD Securities sees 1.7 pct to 1.9 pct annualized Q1 growth (Adds TD Securities first-quarter GDP growth forecast and U.S. comparisons)

By Randall Palmer

OTTAWA, April 30 (Reuters) - The Canadian economy grew by 0.2 percent in February from January, meeting economists' expectations but recovering only modestly from December's weather-induced decline, Statistics Canada data showed on Wednesday.

In December, the economy contracted by 0.4 percent (revised from 0.5 percent), and in January it expanded by 0.5 percent. Production in February was only 0.3 percent higher than it was three months earlier in November, before a harsher-than-usual winter took a toll on the economy.

Nonetheless, TD Securities macro strategist David Tulk said first-quarter growth was tracking at an annualized 1.7 to 1.9 percent, stronger than the Bank of Canada's forecast this month of 1.5 percent. His projection assumes March growth of 0.2 percent from February.

U.S. first-quarter growth came in on Wednesday at only 0.1 percent annualized, suggesting that it was not a banner quarter for Canadian exporters.   Continued...