Canada's GDP grows 3.1% in Q1

By Ovunc Kutlu

ANKARA (AA) - Canada's annualized gross domestic product (GDP) rose 3.1% in the first quarter from the same period last year, Statistics Canada announced Tuesday.

On a quarterly basis, real GDP grew 0.8% in the January-March period this year from the same period last year, marking its third consecutive quarterly increase.

"Growth slowed in the first quarter compared with the previous two quarters due to a drop in international exports volumes," Statistics Canada noted in a statement.

"Export volumes declined 2.4% in the first quarter, following two consecutive quarterly increases," it added.

On a monthly basis, real GDP rose 0.7% in March from the previous month.

Statistics Canada said advance information indicates that real GDP increased 0.2% in April, compared to March.