In Canada, improvements continue. A slowdown in exports and in the energy sector has become apparent recently, but industrial production growth in January grew at a solid 3.7% y-o-y. This was almost the same level as in December, when it stood at 3.8% y-o-y. Given the challenges in the resource sector, mining, oil and gas extraction growth decelerated to 3.8% in January, compared to an average increase of 5.8% in 2014. The PMI for manufacturing in January points at a slow-down and now stands at 48.9 for March, barely unchanged from February, indicating a contraction in the sector in the near-term. This comes after registering levels of 53.9 in December and 51 in January. The growth forecast remains unchanged with 2015 GDP growth at 2.3%, after reaching 2.4% in the previous year.