The Bank of Canada has issued its latest economic forecast.
Central Bank Govenor Stephen Poloz left the bank’s benchmark interest rate unchanged at 0.5%, as was expected.
The 2016 GDP was cut to 1.3% from its 1.7% prediction in April.
Poloz trimmed the 2017 GDP to 2.2% from 2.3%.
The impact of the Alberta wildfires shaved 1.1 percentage points from 2nd quarter growth and forced the economy to contract by 1%.
The Bank of Canada says the impact of the United Kingdom’s vote to leave the European Union could trim Canada’s gross domestic product by 0.1 % over the next couple of years.