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Latest GDP figures 'modest': Flaherty

Federal Finance Minister Jim Flaherty. File photo

Federal Finance Minister Jim Flaherty.

Published on August 31, 2012
Published on August 31, 2012
The Canadian Press ~ OBJ  RSS Feed

Finance Minister Jim Flaherty says while the latest economic growth numbers are "modest" they underscore Canada's strong position on the global economic stage.

Topics :
G7 , Finance Department , Statistics Canada , Toronto

Flaherty says Canada continues to have the strongest economic growth among the G7 countries in the wake of the global recession.

Statistics Canada reported today that the economy grew at an annual rate of 1.8 per cent in the second quarter.

The pace of growth was slightly higher than economists' expectations and nearly in line with the Bank of Canada projection for 1.9 per cent.

But it's the third quarter in a row for sluggish economic performance below two per cent.

Statistics Canada says investment in plant and equipment grew at its fastest pace since this time last year and non-farm inventories surged during between April and June.

Flaherty says he was particularly encouraged by investment growth, adding it's something he'd like to see more of.

But exports slowed and imports rose substantially.

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