This quarterly economic forecast provides highlights of the Canadian Outlook report, which presents the short-term national outlook.
Canadian Outlook Executive Summary: Spring 2015
Canadian Outlook Executive Summary: Spring 2015
Canadian Economic Analysis
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- In response to the plunge in oil prices, North American producers have cut billions of dollars from their investment plans, and that is expected to translate into slower production growth this year. But with global demand set to strengthen, oil prices should rise moderately over the next two years.
- Although we expect crude prices to recover to above US$60 per barrel by the end of the year, the average 2015 price will still be 40 per cent lower than last year’s average.
- Business investment will be the weakest part of the economy this year, held back by large cutbacks in the energy sector.
- Fuelled by a strengthening U.S. economy and a weaker dollar, exports are expected to be the bright spot for the Canadian economy.
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