UPDATE 1-Canada economy roars back to life in Q4

* Q4 annualized growth fastest since Q3 2000

* Economy shrank 2.6 percent in 2009
(Adds details)

OTTAWA, March 1 (BestGrowthStock) – Canada’s economic recovery
gathered considerable momentum in the final quarter of 2009,
beating market expectations to grow at a 5.0 percent annualized
rate on strong consumer spending and exports, Statistics Canada
said on Monday.

But the fourth-quarter revival — the strongest growth
since 2000 — was not enough to offset the impact of a grueling
recession which caused gross domestic product to shrink 2.6
percent overall in 2009 compared with 2008.

Statscan data showed business investment declined sharply
in the fourth quarter, and was only partially offset by the
effects of government stimulus spending.

Analysts surveyed by Reuters had expected 4.1 percent
annualized growth in the fourth quarter. Statscan revised
upward its third-quarter growth figure to 0.9 percent from 0.4
percent on an annualized basis.

When compared with the third quarter, GDP expanded 1.2
percent, the biggest increase since the third quarter of 2000.
In the month of December, the economy grew 0.6 percent from
November for the fourth straight monthly advance.

Exports were the biggest contributor to quarterly growth,
jumping 3.7 percent in the quarter led by autos, industrial
goods and energy products. Consumer spending continued to grow
at the same 0.9 percent pace as in the third quarter and
investment in new housing posted its first quarterly gain since

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(Reporting by Louise Egan, Editing by Chizu Nomiyama)

UPDATE 1-Canada economy roars back to life in Q4