Forecast Snapshot
See the latest forecasts for real GDP, policy rates, foreign exchange rates and commodities.
Forecasts as of December 12, 2024.
Real GDP
| 2023(E) | 2024(F) | 2025(F) | 2026(F) |
|
| (annual % change) | ||||
| Canada | 1.5 | 1.2 | 2.1 | 1.5 |
| United States | 2.9 | 2.7 | 2.1 | 1.6 |
| Mexico | 3.3 | 1.4 | 0.8 | 1.8 |
| United Kingdom | 0.3 | 1.0 | 1.3 | 1.5 |
| Eurozone | 0.5 | 0.7 | 0.7 | 1.2 |
| China | 5.2 | 4.8 | 4.6 | 4.5 |
| Japan | 1.7 | -0.2 | 1.0 | 0.8 |
| Colombia | 0.6 | 1.5 | 2.9 | 2.8 |
| Peru | -0.4 | 3.2 | 2.8 | 2.5 |
| Chile | 0.2 | 2.2 | 2.5 | 2.5 |
Policy Rates
| 2023 | 2024(F) | 2025(F) | 2026(F) |
|
| (%, end of period) | ||||
| Canada | 5.00 | 3.25 | 3.00 | 3.00 |
| United States | 5.50 | 4.50 | 4.00 | 3.50 |
| Mexico | 11.25 | 10.00 | 8.50 | 8.00 |
| United Kingdom | 5.25 | 4.75 | 3.50 | 2.75 |
| Eurozone | 4.50 | 3.15 | 1.90 | 1.90 |
| China | 2.50 | 2.00 | 1.65 | 1.60 |
| Japan | -0.10 | 0.30 | 0.75 | 1.00 |
| Colombia | 13.00 | 9.25 | 6.75 | 5.75 |
| Peru | 6.75 | 5.00 | 4.50 | 4.50 |
| Chile | 8.25 | 5.00 | 4.25 |
4.25 |
Foreign Exchange Rates
| 2023 | 2024(F) |
2025(F) | 2026(F) |
|
| (end of period) | ||||
| USDCAD | 1.32 | 1.42 | 1.45 | 1.40 |
| CADUSD | 0.76 | 0.70 | 0.69 | 0.71 |
| USDMXN | 16.97 | 20.50 | 21.30 | 21.50 |
| GBPUSD | 1.27 | 1.26 | 1.22 | 1.30 |
| EURUSD | 1.10 | 1.05 | 1.00 | 1.07 |
| USDCNY | 7.10 | 7.13 | 7.11 | 6.93 |
| USDJPY | 141 | 155 | 160 | 150 |
| USDCOP | 3,855 | 4,338 | 4,367 | 4,364 |
| USDPEN | 3.70 | 3.75 | 3.78 | 3.80 |
| USDCLP | 879 | 1,000 | 890 |
870 |
Commodities
| 2023 | 2024(F) | 2025(F) | 2026(F) |
|
| (annual average) | ||||
| WTI | 78 | 77 | 66 | 65 |
| Brent | 83 | 82 | 71 | 70 |
| WCS - WTI Discount | -19 | -15 | -14 | -14 |
| Nymex Natural Gas | 2.73 | 2.38 | 3.75 | 4.00 |
| Copper | 3.85 | 4.18 | 4.50 | 4.75 |
| Iron Ore | 120 | 109 | 90 | 90 |
| Gold | 1,943 | 2,400 | 2,600 | 2,500 |
PDF version
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Information contained on this site has been prepared by Scotiabank Economics. While the information is from sources believed to be reliable, neither the information nor any forecasts contained on this site shall be taken as a representation for which The Bank of Nova Scotia or Scotia Capital Inc. or any of their employees incur any responsibility. This site is for information purposes only.