Canadian GDP up barely in 4th quarter

Canada's gross domestic product growth slowed to a slim 0.4 percent gain in the fourth quarter of 2011, Statistics Canada reported Friday from Ottawa. The growth was less than half of the modest 1 percent GDP gain in the third quarter. "Consumer spending and exports contributed the most to fourth-quarter GDP growth," StatsCan said. Consumer spending grew by 0.7 percent in the fourth quarter, up from the 0.4 percent gain in the previous quarter. Exports rose 1.1 percent, down from a 3.8 percent gain in the third quarter. The utilities sector posted a 1.6 percent decline as unseasonably warm weather reduced the demand for electricity. "Expressed at an annualized rate, real GDP expanded 1.8 percent in the fourth quarter, following a 4.2 percent increase in the previous quarter," the report said. "By comparison, real GDP in the United States grew 3 percent in the fourth quarter."