The Canadian economy grew at an annualized rate of 3.1 in the first quarter according to StatsCan data. Positives included business investment and consumer spending but weaker export volumes tempered the overall mark. Consumer spending rose 0.8 in the first quarter for a third consecutive quarterly increase. Spending on durable goods improved by 2.6 largely attributable to gains in motor vehicles and parts. Residential construction gained 4.3. Business investment in structures and machinery grew by 2.9 and 0.9 respectively for the quarter.
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