When it comes to the energy sector, we expect the current adjustment to continue. Between 2014 and 2016, energy investment dropped by 50 per cent. In April, based on discussions with companies, we estimated that investment in this sector would drop another 20 per cent before stabilizing.
Investment should average around $ billion over the next two years—that’s still 15 per cent of total investment in Canada.8 As spending in oil and gas stabilizes, the growing investment in other sectors will show up in the headline numbers more clearly. I’d like to emphasize that we are being prudent in our outlook.