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Canada's Economy Grows At Fast Pace
Tuesday, 30-Sep-2008 10:34AM United Press International
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OTTAWA, Sept. 30 (UPI) -- Canada's economy grew 0.7 percent in July, its fastest pace in more than four years, as energy production surged, the country's statistics bureau reported.

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Manufacturing and wholesaling industries also contributed significantly to July's gross domestic product advance, Statistics Canada said Tuesday.

The growth was the fastest since March 2004. Economists had forecast an average 0.2 percent advance from June's 0.1 percent growth.

July's energy output, accounting for nearly half the growth, increased 3.1 percent, Statistics Canada said.

Oil production grew in Eastern and Western Canada and natural gas extraction was "up sharply" after three consecutive monthly declines, the bureau said.

Manufacturing output in the world's eighth-largest economy rose 1.3 percent, with metals and machinery, iron and steel and pharmaceutical and medical manufacturing among the factory-sector leaders.

Wholesale production rose 1.9 percent and financial services advanced 0.3 percent, the bureau said.

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