Canada's Economy Expanded 0.6% in January

Canada's economy rebounded more than expected in January and posted its biggest gain since April 2005, led by wholesalers and manufacturers., Bloomberg 3/31/2008 7:00:04 AM

Gross domestic product advanced 0.6 percent from December, Statistics Canada said today in Ottawa, compared with a 0.7 percent drop the month before. The gain outpaced the 0.5 percent median estimate in a Bloomberg News survey of 23 economists. Wholesalers gained 2.8 percent to a record and manufacturers advanced 1.7 percent.

Today's report suggests the Canadian economy isn't being hurt as much as expected by slower growth in the U.S., the country's biggest trading partner. The Bank of Canada has cut interest rates by a percentage point since December to prop up domestic demand as exports decline.