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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: John Carragher who wrote (410938)	6/2/2003 8:36:49 AM
From: Land Shark	Read Replies (2) \| Respond to of 769670

It's the Economy Stupid! Canadian economic growth up Last Updated Fri, 30 May 2003 10:18:07 OTTAWA - The Canadian economy grew at an annual rate of 2.4 per cent over the first three months of the year, but growth flattened in March, Statistics Canada reported Friday. The economy grew in the first three months of this year on a strong buildup in inventories and sustained consumer demand. Statistics Canada said growth in the quarter was focussed in a few selected industries. Higher oil prices led to a surge in oil and gas exploration, while residential construction remained strong. Retail trade stayed high, while wholesale trade recorded significant gains. "The starting point for Q2 is weak, with GDP flat in march, and probably down in April due to SARS, bad weather, and still-weak U.S. demand," Cooper said. The second quarter is poised for a "major cool-down" and a rebound in the last six months of this year hinges on a turnaround in U.S. activity, she said. After beginning with a bang in January, the pace of economic growth tapered off in the following two months of the first quarter, Statistics Canada said. "Lower March output was recorded in wholesale and retail trade, utilities, the financial sector and air transportation," the federal government agency said. "Continued momentum in new homebuilding, a rebound in manufacturing and aggressive oil and gas exploration activity helped the economy maintain its February level." Economists said the Canadian economy led the G7 nations in the first quarter, but cautioned that clouds are appearing. Exports were hurt by weak U.S. demand and are poised to suffer from the rise in the Canadian dollar, BMO Nesbitt Burns chief economist Sherry Cooper said. Canada's economy outperformed the United States through the first quarter On Thursday, U.S. Q1 gross domestic product checked in with 12-month rate of 1.9 per cent.