​Canada and US economies exceed growth forecasts

​Canada and US economies exceed growth forecasts

​Canada and US economies exceed growth forecasts GDP figures released today show growth for Canada and the US at a faster pace than expected. The US grew by an annualised rate of 5 per cent (3.9 per cent had been forecast) and 1.25 per cent quarter-over-quarter (1 per cent forecast). It is the country’s fastest pace of growth since 2003. Meanwhile in Canada the rate of annual growth for October was 2.3 per cent with month-over-month growth of 0.3 per cent; three times more than forecast. Goods production rose 0.4 per cent in October while notable gains were recorded in mining and oil and gas extraction as well as manufacturing. Construction also increased in October. In contrast, utilities and the agriculture and forestry sector declined.