In Canada, improvements continue along with the US, its most important trading partner. However, there may be some negative impact from the energy industry, given the recent decline in energy prices. Industrial production growth in November – the latest available data point – has decelerated to 2.3% y-o-y from 3.1% y-o-y in October. Meanwhile, mining, oil and gas extraction have also receded to 4.2% in November from 5% in October. A similar slowing trend was visible in all other major sectors as well. The PMI for manufacturing in January also indicated a slow-down, falling from 53.9 in December to 51 in January. While this year?s expansion continues at a slower pace, the 2015 GDP growth forecast has been revised to 2.3% from 2.4% in the previous month, now standing at a slightly lower level than the 2014 growth estimate of 2.4%.