RBC Economics downgraded its forecast for the Canadian economy in 2015 after a sharp drop in energy prices. The ‘RBC Economic Outlook’ says Canada’s real GDP is projected to grow by 2.4 per cent this year ‒ a reduction of 0.3 percentage points from the forecast issued in December. RBC notes that while the drop in energy prices is clearly a negative for Canada’s oil and gas sector, much of the weakening will be offset by strength in consumer spending and exports. RBC says that exports will provide a lifeline to Canada’s economy this year after a strong performance in 2014 when volume increased by 5.4 per cent ‒ the best showing in four years.
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