**Updated to correct an error in the first sentence related to GDP growth in December 2012.**
The Canadian economy grew 0.2 per cent in January, reversing a similar decrease 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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