This reflected, in part, the fact that Canada is a bigger oil producer than Mexico is—at the end of last year, Canadian output was about twice as large as Mexico’s. For Canada, the oil price shock meant a significant shifting of capital and workers out of the oil and gas industry.
It established a two-track economy: while the non-resource sector continued to expand, it was not enough to offset the sharp decline in the resource sector. From the start of 2015, the negative impact of the resource track dominated.