Canadian Outlook Executive Summary: Autumn 2015

This quarterly economic forecast provides highlights of the Canadian Outlook report, which presents the short-term national outlook.

Document Highlights

The Canadian economy experienced a mild recession in the first half of the year as a drop in oil prices led to a substantial decline in business capital investment.

The recession is now behind us, and the economy is expected to post solid growth for the second half of 2015.

Next year, we expect economic growth to accelerate to a more respectable 2.3  per cent, driven by a pickup in exports and steady consumer spending.

The Bank of Canada is expected to keep its overnight rate at its current level until 2017, as the economy slowly returns to potential.