Canadian economy up 0.4 percent in February

OTTAWA, May 1 (Xinhua) -- The Canadian economy grew 0.4 percent in February, according to Statistics Canada Tuesday.

Gross domestic product shrank to 0.1 percent in January and economists forecast it would increase 0.3 percent.

Statistics Canada analysis shows that annualized first quarter growth would be 1.6 percent, more than the 1.3 percent the central bank forecast on April 18.

The bank, which has raised interest rates three times since last July because of the country's economy strengthening, says future raise will depend on economic data.

The bank is concerned about what rising interest rates will have on already stretched consumers. Enditem