According to the reports, posting the highest growth rate in more than a decade in annualized terms, Canada's economy grew 6.1 percent in the first quarter of the current fiscal year.

The Canadian economy, with the highest growth among G8 countries, has now almost reached levels seen before the global meltdown hit it in 2008.

The current rate, in fact, makes the Canadian economic growth twice that of the US.

The swift economic recovery was fuelled by growth in all sectors, including housing, manufacturing, exports and household incomes and consumer spending.

Statistics Canada in its quarterly report has said that production grew faster in the first quarter of 2010 than in the fourth quarter of 2009, and inventory levels rose after being drawn down in all four quarters of 2009.

The report also said that housing investment increased for a fourth consecutive quarter, as did consumer spending on goods and services.

Export and import volumes also rose for a third consecutive quarter, with growth in imports outpacing growth in exports in the first quarter.

It was further reported that Profits at Canadian corporate rose by as much as 8.6 percent during the quarterly period.

Mining and oil and gas sectors, which are the main drivers of the Canadian economy, rose 2.7 percent, while manufacturing, which is the main employer in the country, was also up 1.8 percent. (With Inputs from Agencies)