Canada's economy expanded at a five per cent annual pace in the fourth quarter, well ahead of the 0.9 per cent pace in the previous quarter, Statistics Canada said Monday.
The U.S. economy grew at a 5.9 per cent pace during the same quarter.
Real GDP increased by 1.2 per cent during the quarter, the largest quarterly increase since the third quarter of 2000. It grew 0.6 per cent in December alone, the fourth consecutive monthly gain.
Within that, goods-producing industries grew by one per cent, while the service sector expanded by 0.4 per cent in the month.
Despite the strong showing to end the year, for 2009 as a whole, real GDP fell 2.6 per cent.
Lower production in the first half of the year was followed by essentially no change in the summer months, Statistics Canada said, with notable growth coming in the last four months.
Since 1961, the earliest date for which data consistent with the current definition of GDP exist, the only other annual declines were the 2.9 per cent dip recorded in 1982 and a 2.1 per cent drop in 1991, the agency said.
The production of goods dropped for a second consecutive year, down 9.2 per cent, while the production of services edged down 0.1 per cent.
All major categories of goods exports and most major categories of services exports declined. The largest drop was a 33 per cent decline in automotive exports.
