The UK has become one of the slowest growing members of the G7 club while Canada has turned into the strongest.
Canada, as the latest G7 nation to report first quarter growth figures, lept into the lead with an expansion of 0.9% over the period.
The data means the UK is now confirmed as being a laggard among the world´s seven largest economies. With growth of just 0.2% for the first quarter, the UK is jointly the worst performer over the period along with Italy.
Canadian growth spurt
Rising oil production and consumer spending saw Canadian growth surge during the first quarter. The 0.9% growth for the period marks an acceleration from the 0.7% rate seen in the prior quarter. It also represents Canada´s strongest quarterly growth in almost three years.
Household spending picked up over the quarter, with a notable increase in vehicle purchases. There was also an upturn in business spending on machinery and equipment. The latter is a sign that stabilisation in oil prices has encouraged Canadian oil producers to increase production.