Canadian Outlook Executive Summary: Winter 2015
The Conference Board of Canada, 14 pages
February 9, 2015
This quarterly economic forecast provides highlights of the Canadian Outlook report, which presents the short-term national outlook.
- At around US$45 per barrel, oil prices have likely bottomed out. Although we expect that prices will recover to above US$60 per barrel by the end of the year, this still represents a 40 per cent decline in crude oil prices from last year.
- The drop in oil prices will strip more than $40 billion from corporate profits and result in a substantial decline in business investment.
- Despite the effect of tax cuts and lower gasoline prices, consumer spending is expected to slow.
- The U.S. economy is gaining momentum. The strong economic performance south of the border and a weakening Canadian dollar will allow our trade sector to make a solid contribution to economic growth.