Canadian economic growth rate improves slightly in fourth quarter, still weak

Statistics Canada says the economy grew by 0.6 per cent on an annualized basis in the fourth quarter of 2012.

That was a slight improvement from the third quarter when gross domestic product grew by 0.2 per cent on an annualized basis.

The agency says real gross domestic product shrank 0.2 per cent in December on a month-to-month basis, in line with the consensus estimate.

There were increases in household and government consumption, business fixed capital investment and exports.

However, inventory investment slowed sharply from the third quarter and imports were down.

Statistics Canada says mining and oil and gas extraction were the main sources of industrial growth in the fourth quarter.