RBC Economics presents an in-depth analysis of the key drivers of economic activity in Canada and the US, including global factors that affect near-term forecasts.
Key highlights
Canada's domestic demand declined in Q4 for the first time in a year.
- The Canadian economy is still slowing as the lagged impact of earlier interest rate increases materializes
- Output has also stagnated in the Euro area and outright declined over the second half of 2023 in the UK
- The US economy remains an outlier and has continued to surge higher, helping to prop up Canadian exports
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