{"id":708,"date":"2020-09-10T09:04:26","date_gmt":"2020-09-10T09:04:26","guid":{"rendered":"https:\/\/www.rbc.com\/en\/economics\/2020\/09\/10\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/"},"modified":"2020-09-10T09:04:26","modified_gmt":"2020-09-10T09:04:26","slug":"provincial-economies-diverse-yet-together-in-experiencing-historic-recession","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/","title":{"rendered":"Provincial Economies: Diverse yet Together in Experiencing Historic Recession"},"content":{"rendered":"<p>No economy in the world is emerging unscathed from the coronavirus. Neither is any Canadian province. Each is facing an unprecedented (or close to unprecedented) decline in activity this year. Viral transmission rates have varied from coast to coast and so have the stringency of containment measures and reopening timelines. These differences dictate the severity of the economic shock across the country. Relatively better health outcomes and faster easing of restrictions limited economic damage in Manitoba, Saskatchewan and most of the Atlantic Provinces. Alberta and Newfoundland and Labrador, on the other hand, have been further challenged by plunging oil prices, sapping a major source of revenue. British Columbia, Ontario and Quebec are experiencing a downturn of roughly similar magnitude as the 6.0% contraction we project for the national economy.<\/p>\n<hr>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/real-gdp-growth-provincial-economies.jpg\" alt=\"\" width=\"1485\" height=\"460\" class=\"alignleft size-full wp-image-27061\" \/><\/p>\n<hr>\n<p>The good news is the worst of the shock is behind us\u2014provided any future waves of the pandemic require a lighter containment touch than what was necessary to flatten the first wave. The labour market has started to recover. Consumers are spending again. The housing market has bounced back. In fact, the early phase of the recovery has been surprisingly strong in many provinces. We expect the pace to slow as the reopening effect fades, however. <\/p>\n<p>We project Manitoba&#8217;s economy to contract the least on an annual basis this year (-3.8%), thanks in part to sustained capital investment. Our growth rankings have the Maritime provinces coming next\u2014with PEI (-4.0%), New Brunswick (-4.5%) and Nova Scotia (-4.8%) among the first provinces to ease restrictions\u2014where initial job losses weren&#8217;t as extensive and rebounding foreign demand for seafood supports exports. Saskatchewan (-5.0%) also experienced less severe job losses in March and April, and is getting a lift from recovering agri-food exports.<\/p>\n<p>We downgraded our growth forecast for British Columbia (to -5.6%) on greater-than-expected labour market weakness to date. We remain relatively bullish on the province&#8217;s growth prospects next year with large capital investment projects poised to generate substantial activity. Ontario (-5.8%) and Quebec (-5.8%) both struggled with high coronavirus transmission levels through the spring. These prompted the strictest containment measures in Quebec, which slammed the labour market more than in any other province in March and April. In Ontario, high COVID-19 case counts led to a slower pace of reopening, holding back the early phase of recovery. <\/p>\n<p>Oil-producing provinces had it worse throughout the crisis. They&#8217;ve been walloped by the double whammy of the pandemic&#8217;s massive economic disruption and plunging oil prices pummeling their energy sector. We project Alberta (-8.7%) and Newfoundland and Labrador (-10.9%) to be at the bottom our growth rankings in 2020. While we expect growth to resume next year, it will likely take years to recover the ground lost. <\/p>\n<h4><b>Read the full Provincial Outlook report for more extensive province-by-province overviews.<\/b><\/h4>\n<div class=\"rds-callout-white\" style=\"border: 1px solid #c4c8cc;\">\n<div class=\"rds-gcw\">\n<div style=\"display:inline-block; vertical-align: top;\" class=\"img w-mob-100\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/econ-download.png\" alt=\"\" width=\"261\" height=\"177\" class=\"alignleft size-full wp-image-23215\" \/><\/div>\n<div class=\"rds-inline pad-hlf\" style=\"display:inline-block; vertical-align: top;\">\n<h4 class=\"mar-t\">Read full outlook<\/h4>\n<p><a class=\"btn tertiary\" role=\"button\" href=\"https:\/\/royal-bank-of-canada-2124.docs.contently.com\/v\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession-report\" target=\"_blank\" rel=\"noopener noreferrer\" data-dig-id=\"TNL_064\" data-dig-category=\"TNL Economics\" data-dig-action=\"mid-funnel click\" data-dig-label=\"Provincial September 2020\">Download<\/a>\n<\/div>\n<\/div>\n<\/div>\n<p>\u00a0<\/p>\n<hr>\n<p><b>GDP recovery path assumptions<\/b><\/p>\n<hr>\n<p>February 2020 = 100<\/p>\n<hr>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/2025\/03\/gdp-recovery-path-assumptions-1.jpg\" alt=\"\" width=\"932\" height=\"487\" class=\"alignleft size-full wp-image-27063\" \/><\/p>\n<hr>\n<p>\u00a0<\/p>\n<p><em>This report was authored by Senior Economist, Robert Hogue, and Economist, Carrie Freestone.<\/em><\/p>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Each province is facing an unprecedented decline in activity this year. The good news is the worst of the shock could be behind us.<\/p>\n","protected":false},"author":253,"featured_media":705,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[83,82,90],"tags":[19,25,11,51,52,53,49,26,54,27,28],"rbc_econ_content_type":[],"class_list":["post-708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-canadian-analysis","category-featured-analysis","category-quarterly-canadian-outlook","tag-alberta","tag-british-columbia","tag-economy","tag-manitoba","tag-new-brunswick","tag-newfoundland-and-labrador","tag-nova-scotia","tag-ontario","tag-prince-edward-island","tag-quebec","tag-saskatchewan"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Provincial Economies: Diverse yet Together in Experiencing Historic Recession - RBC Economics<\/title>\n<meta name=\"description\" content=\"Each province is facing an unprecedented decline in activity this year. The good news is the worst of the shock could be behind us.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Provincial Economies: Diverse yet Together in Experiencing Historic Recession\" \/>\n<meta property=\"og:description\" content=\"Each province is facing an unprecedented decline in activity this year. The good news is the worst of the shock could be behind us.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/\" \/>\n<meta property=\"og:site_name\" content=\"RBC Economics\" \/>\n<meta property=\"article:published_time\" content=\"2020-09-10T09:04:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/03\/Banner-wide-219-scaled-1.jpg?quality=80\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1236\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"RBC Economics\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"RBC Economics\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/\"},\"author\":{\"name\":\"RBC Economics\",\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/5c24da77afb4d81ef38384c2d0d83e12\"},\"headline\":\"Provincial Economies: Diverse yet Together in Experiencing Historic Recession\",\"datePublished\":\"2020-09-10T09:04:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/\"},\"wordCount\":497,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/03\/Banner-wide-219-scaled-1.jpg?quality=80\",\"keywords\":[\"Alberta\",\"British Columbia\",\"Economy\",\"Manitoba\",\"New Brunswick\",\"Newfoundland and Labrador\",\"Nova Scotia\",\"Ontario\",\"Prince Edward Island\",\"Quebec\",\"Saskatchewan\"],\"articleSection\":[\"Canadian Analysis\",\"Featured Analysis\",\"Quarterly Canadian Outlook\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/\",\"url\":\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/\",\"name\":\"Provincial Economies: Diverse yet Together in Experiencing Historic Recession - RBC Economics\",\"isPartOf\":{\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/03\/Banner-wide-219-scaled-1.jpg?quality=80\",\"datePublished\":\"2020-09-10T09:04:26+00:00\",\"author\":{\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/5c24da77afb4d81ef38384c2d0d83e12\"},\"description\":\"Each province is facing an unprecedented decline in activity this year. The good news is the worst of the shock could be behind us.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/#primaryimage\",\"url\":\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/03\/Banner-wide-219-scaled-1.jpg?quality=80\",\"contentUrl\":\"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/03\/Banner-wide-219-scaled-1.jpg?quality=80\",\"width\":2560,\"height\":1236},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.rbc.com\/en\/economics\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Provincial Economies: Diverse yet Together in Experiencing Historic Recession\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/#website\",\"url\":\"https:\/\/www.rbc.com\/en\/economics\/\",\"name\":\"RBC Economics\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.rbc.com\/en\/economics\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/5c24da77afb4d81ef38384c2d0d83e12\",\"name\":\"RBC Economics\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/secure.gravatar.com\/avatar\/c33d659d91c101fb3f9fe6b378b8d34d4a18f0e2ecfa449520dc3081f893dae9?s=96&d=mm&r=g\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/c33d659d91c101fb3f9fe6b378b8d34d4a18f0e2ecfa449520dc3081f893dae9?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/c33d659d91c101fb3f9fe6b378b8d34d4a18f0e2ecfa449520dc3081f893dae9?s=96&d=mm&r=g\",\"caption\":\"RBC Economics\"},\"url\":\"https:\/\/www.rbc.com\/en\/economics\/author\/rbc-economics\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Provincial Economies: Diverse yet Together in Experiencing Historic Recession - RBC Economics","description":"Each province is facing an unprecedented decline in activity this year. The good news is the worst of the shock could be behind us.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/","og_locale":"en_US","og_type":"article","og_title":"Provincial Economies: Diverse yet Together in Experiencing Historic Recession","og_description":"Each province is facing an unprecedented decline in activity this year. The good news is the worst of the shock could be behind us.","og_url":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/","og_site_name":"RBC Economics","article_published_time":"2020-09-10T09:04:26+00:00","og_image":[{"width":2560,"height":1236,"url":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/03\/Banner-wide-219-scaled-1.jpg?quality=80","type":"image\/jpeg"}],"author":"RBC Economics","twitter_card":"summary_large_image","twitter_misc":{"Written by":"RBC Economics","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/#article","isPartOf":{"@id":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/"},"author":{"name":"RBC Economics","@id":"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/5c24da77afb4d81ef38384c2d0d83e12"},"headline":"Provincial Economies: Diverse yet Together in Experiencing Historic Recession","datePublished":"2020-09-10T09:04:26+00:00","mainEntityOfPage":{"@id":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/"},"wordCount":497,"commentCount":0,"image":{"@id":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/#primaryimage"},"thumbnailUrl":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/03\/Banner-wide-219-scaled-1.jpg?quality=80","keywords":["Alberta","British Columbia","Economy","Manitoba","New Brunswick","Newfoundland and Labrador","Nova Scotia","Ontario","Prince Edward Island","Quebec","Saskatchewan"],"articleSection":["Canadian Analysis","Featured Analysis","Quarterly Canadian Outlook"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/","url":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/","name":"Provincial Economies: Diverse yet Together in Experiencing Historic Recession - RBC Economics","isPartOf":{"@id":"https:\/\/www.rbc.com\/en\/economics\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/#primaryimage"},"image":{"@id":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/#primaryimage"},"thumbnailUrl":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/03\/Banner-wide-219-scaled-1.jpg?quality=80","datePublished":"2020-09-10T09:04:26+00:00","author":{"@id":"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/5c24da77afb4d81ef38384c2d0d83e12"},"description":"Each province is facing an unprecedented decline in activity this year. The good news is the worst of the shock could be behind us.","breadcrumb":{"@id":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/#primaryimage","url":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/03\/Banner-wide-219-scaled-1.jpg?quality=80","contentUrl":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/03\/Banner-wide-219-scaled-1.jpg?quality=80","width":2560,"height":1236},{"@type":"BreadcrumbList","@id":"https:\/\/www.rbc.com\/en\/economics\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/provincial-economies-diverse-yet-together-in-experiencing-historic-recession\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.rbc.com\/en\/economics\/"},{"@type":"ListItem","position":2,"name":"Provincial Economies: Diverse yet Together in Experiencing Historic Recession"}]},{"@type":"WebSite","@id":"https:\/\/www.rbc.com\/en\/economics\/#website","url":"https:\/\/www.rbc.com\/en\/economics\/","name":"RBC Economics","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.rbc.com\/en\/economics\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.rbc.com\/en\/economics\/#\/schema\/person\/5c24da77afb4d81ef38384c2d0d83e12","name":"RBC Economics","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/c33d659d91c101fb3f9fe6b378b8d34d4a18f0e2ecfa449520dc3081f893dae9?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/c33d659d91c101fb3f9fe6b378b8d34d4a18f0e2ecfa449520dc3081f893dae9?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c33d659d91c101fb3f9fe6b378b8d34d4a18f0e2ecfa449520dc3081f893dae9?s=96&d=mm&r=g","caption":"RBC Economics"},"url":"https:\/\/www.rbc.com\/en\/economics\/author\/rbc-economics\/"}]}},"author_meta":{"display_name":"RBC Economics","author_link":"https:\/\/www.rbc.com\/en\/economics\/author\/rbc-economics\/"},"featured_img":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/03\/Banner-wide-219-scaled-1.jpg?quality=80&w=300","jetpack_featured_media_url":"https:\/\/www.rbc.com\/en\/economics\/wp-content\/uploads\/sites\/23\/\/2025\/03\/Banner-wide-219-scaled-1.jpg?quality=80","coauthors":[],"tax_additional":{"categories":{"linked":["<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/canadian-analysis\/\" class=\"advgb-post-tax-term\">Canadian Analysis<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/canadian-analysis\/featured-analysis\/\" class=\"advgb-post-tax-term\">Featured Analysis<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/\" class=\"advgb-post-tax-term\">Quarterly Canadian Outlook<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Canadian Analysis<\/span>","<span class=\"advgb-post-tax-term\">Featured Analysis<\/span>","<span class=\"advgb-post-tax-term\">Quarterly Canadian Outlook<\/span>"]},"tags":{"linked":["<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/\" class=\"advgb-post-tax-term\">Alberta<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/\" class=\"advgb-post-tax-term\">British Columbia<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/\" class=\"advgb-post-tax-term\">Economy<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/\" class=\"advgb-post-tax-term\">Manitoba<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/\" class=\"advgb-post-tax-term\">New Brunswick<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/\" class=\"advgb-post-tax-term\">Newfoundland and Labrador<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/\" class=\"advgb-post-tax-term\">Nova Scotia<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/\" class=\"advgb-post-tax-term\">Ontario<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/\" class=\"advgb-post-tax-term\">Prince Edward Island<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/\" class=\"advgb-post-tax-term\">Quebec<\/a>","<a href=\"https:\/\/www.rbc.com\/en\/economics\/category\/canadian-analysis\/featured-analysis\/quarterly-canadian-outlook\/\" class=\"advgb-post-tax-term\">Saskatchewan<\/a>"],"unlinked":["<span class=\"advgb-post-tax-term\">Alberta<\/span>","<span class=\"advgb-post-tax-term\">British Columbia<\/span>","<span class=\"advgb-post-tax-term\">Economy<\/span>","<span class=\"advgb-post-tax-term\">Manitoba<\/span>","<span class=\"advgb-post-tax-term\">New Brunswick<\/span>","<span class=\"advgb-post-tax-term\">Newfoundland and Labrador<\/span>","<span class=\"advgb-post-tax-term\">Nova Scotia<\/span>","<span class=\"advgb-post-tax-term\">Ontario<\/span>","<span class=\"advgb-post-tax-term\">Prince Edward Island<\/span>","<span class=\"advgb-post-tax-term\">Quebec<\/span>","<span class=\"advgb-post-tax-term\">Saskatchewan<\/span>"]}},"comment_count":"0","relative_dates":{"created":"Posted 6 years ago","modified":"Updated 6 years ago"},"absolute_dates":{"created":"Posted on September 10, 2020","modified":"Updated on September 10, 2020"},"absolute_dates_time":{"created":"Posted on September 10, 2020 9:04 am","modified":"Updated on September 10, 2020 9:04 am"},"featured_img_caption":"","series_order":"","_links":{"self":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/posts\/708","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/users\/253"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/comments?post=708"}],"version-history":[{"count":0,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/posts\/708\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/media\/705"}],"wp:attachment":[{"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/media?parent=708"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/categories?post=708"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/tags?post=708"},{"taxonomy":"rbc_econ_content_type","embeddable":true,"href":"https:\/\/www.rbc.com\/en\/economics\/wp-json\/wp\/v2\/rbc_econ_content_type?post=708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}