August 31, 2012 / 12:37 PM / in 5 years

Canadian economy grows 1.8 percent in Q2, beating forecasts

(Reuters) - Canada’s economy grew at an annualized 1.8 percent in the second quarter, matching the rate of the previous quarter, as strong business investment offset a small fiscal drag, Statistics Canada said on Friday.

Business investment in plant and equipment advanced at a non-annualized rate of 2.3 percent, the fastest pace since the second quarter of 2011, and inventories also grew.

On a monthly basis, Canada’s economy grew by a larger-than-expected 0.2 percent in June from May, as goods production rose on strong mining and oil and gas extraction.

Reporting by Alex Paterson; Editing by Randall Palmer

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