OTTAWA, May 31 (Xinhua) -- Canada's economy grew at an annualized rate of 0.4 percent in the first three months, marking the weakest quarter of growth since 2015, Statistics Canada said Friday.
The real gross domestic product (GDP) reading for the first quarter follows a revised reading of just 0.3 percent in the previous quarter.
Real GDP grew 0.1 percent in the first quarter, the same growth rate as the fourth quarter of 2018. Real gross national income rose 0.9 percent, largely because of higher export prices of crude oil and crude bitumen. Higher consumer spending raised final domestic demand, which rebounded 0.8 percent after a 0.2-percent decline in the previous quarter.
The first-quarter data were slightly higher than the prediction of the Bank of Canada, which has stressed the slowdown was temporary and that growth has been accelerating in the second quarter.
The pressure on growth was driven by weakness in net trade as imports rose and export volumes saw their first quarterly decrease since 2017. Canada saw substantial declines in its exports of farm and fishing products as well as a drop in crude oil shipments.
