BCREA ECONOMICS NOW
The Canadian economy grew 0.2 per cent in January, building off of a
similar increase in December. January's economic growth was lead by a 1.2 per
cent rebound in manufacturing output from a 1.9 per cent decline the previous
month as well as gains in mining and oil and gas extraction and wholesale and
retail trade. A pick-up in housing market activity reversed a three month
decline in the output of real estate agents and brokers which rose 0.4 per
cent.
Our first quarter GDP growth estimate is currently reading 1.6 per cent (at
an annual rate), a significant improvement from the 0.6 per cent rate that
prevailed in the second half of 2012. We anticipate that growth will continue
to be modest through the first half of 2013 before accelerating in the second half
of the year and into 2014.
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