Canada’s Economy Grows at Double the US Rate

Filed in Gather Business News Channel by on May 30, 2011 0 Comments

Statistics Canada found that Canada’s economy expanded at a 3.9 percent annualized pace January through March, a rate that is more than double the rate in the United States, which grew at only 1.8 percent GDP in the same period. Output is up for almost every major industrial sector in Canada, with the biggest growth coming from the mining, oil, and gas extraction industries.

Nervous observers predict that Canada’s dependence on the United States economy will cause major problems for Canada in the future, as the United States falls deeper and deeper into recession. With hyperinflation a real threat in the United States, people fear it is headed to Canada, too.

But the numbers are looking good now in Canada’s economy, and there is reason to believe it will continue to outperform the United States in the future. Canada’s currency will be stronger than the US dollar as time goes on. Also, Canada has bountiful lands filled with valuable natural resources, and it will continue offering the world these resources to keep up its strong place in international trade.

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