RBC revises forecast for GDP

Royal Bank says low oil prices will make 2016 more challenging for Canada’s economy than previously thought. The bank has lowered its forecast for this year’s gross domestic product to just 1.7 per cent. That’s down from RBC’s December forecast of 2.2 per cent growth this year. RBC is also lowering its 2017 oil price estimate to $ 57 per barrel from $ 62.