RBC Quarterly Macroeconomic Outlook

Canadian economic slowdown is not over

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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RBC Economics, Quarterly Macroeconomic Outlook, March 2024