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31/03/2010 -
Canadian businesses may have reason to celebrate - and reason to expect their payment processing activity to continue rising - as the Canadian economy in January expanded at the fastest pace in three years.Statistics Canada reported Wednesday that the country's real gross domestic product increased by 0.6 percent in January, representing its fifth monthly increase.
In particular, goods-producing industries rose by 1.3 percent, while manufacturing increased by 1.9 percent, wholesale trade volume rose by 2.9 percent, the construction sector grew by 1.7 percent, mining and oil and gas extraction increased by 0.9 percent, the finance and insurance sector grew by 0.6 percent, and the retail trade sector advanced by 0.8 percent.
However, despite this abundance of strong performances, not all the news was good - several tourism-related industries declined in January after increasing in December. However, February's Winter Olympic Games in Vancouver will likely see rebounded tourism numbers.
Though he seemed pleased, Finance Minister Jim Flaherty's optimism was guarded when interpreting the meaning of this StatsCan report.
"There are some good signs, there are some consistent signs," he told reporters in Ottawa Wednesday. "It's too early to say that we are out of the woods yet."
