UPDATE 1-Canada Q1 industrial capacity use at highest Q2 2007

Thu Jun 12, 2014 8:37am EDT
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(Adds details on oil and gas, and mining)

* Q1 capacity use 82.5 pct; expectations 82.4 pct

* Q4 2013 revised to 82.2 pct from 82.0 pct

* Mining and oil and gas extraction main causes for increase

* Manufacturing 81.2 pct Q1; Q4 revised to 81.3 pct from 80.7 pct

OTTAWA, June 12 (Reuters) - Strength in oil and gas extraction and in mining helped push the Canadian industries' capacity utilization rate up to 82.5 percent in the first quarter of 2014, the highest level since the second quarter of 2007, Statistics Canada said on Thursday.

It beat analysts' expectations of 82.4 percent and was an increase from the 82.2 percent registered in the fourth quarter of 2013, itself revised up from 82.0 percent.

The capacity use rate in oil and gas extraction rose 1.9 percentage points to 88.7 percent, while mining and quarrying rose 2.3 points to 65.5 percent, Statistics Canada said.

The manufacturing sector ran at 81.2 percent of capacity, down from 81.3 percent in the fourth quarter, which was originally reported at 80.7 percent. Chemical product and transportation equipment industries were largely responsible for the fall, the agency said. (Reporting by Randall Palmer; Editing by Chizu Nomiyama)