Canada's GDP Soars +3.9%

In Q1 2011 Canada’s economic growth accelerated to the fastest pace in a year. GDP grew by  3.9% according to Statistics Canada.
In spite of this growth, Mark Carney , Bank of Canada's Governorm will probably keep rates at 1% as the bank predicts growth will slow to a 2% pace this quarter. Exports are currently threatened by a strong dollar, although the US dolalr has recovered a little in recent days,  and auto production is taking a hit  after Japan’s earthquake and tsunami.

Bloomberg reports: "On a monthly basis, gross domestic product rose 0.3 percent in March, faster than the 0.2 percent economists forecast based on the median of 24 responses in a Bloomberg survey. The increase was led by a 1.8 percent gain in manufacturing.

Canada’s first-quarter growth rate compares with 1.8 percent in the U.S., the country’s largest trading partner. Faster Canadian growth also came as the country’s currency traded above parity with the U.S. dollar for most of the three-month period. Canada’s dollar rallied to 94.46 cents April 29, the strongest since November 2007".