RBC Economics downgraded its forecast for the Canadian economy due, primarily, to the ongoing weakness in the energy sector, Advisor.ca reports.

Canada’s real GDP is projected to grow 1.2% in 2015, below the 1.8% forecast in June, and 2.2% in 2016.

Read: OECD cuts Canadian growth forecast

RBC says that, while Canada’s economy contracted mildly in both the first and second quarters of 2015, the depth of the decline was marginal and the weakness was concentrated mostly in the energy sector.

Still, the bank expects positive economic activity outside of the energy sector to offset momentum lost in the first half of the year.

Read the whole story on Advisor.ca.

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