2020 Economic Outlook

Canada Canada's fiscal position Strong rating as a result of fiscal prudence, conservative bank lending practices and a solid economy ■ Lowest net debt-to-GDP ratio among G7 peers(1) Net Debt as % of GDP (1) (2019) Canadian GDP by Industry (2) (November 2019) 26.4 40.1 Germany U.K. 90.4 86.4 80.9 76.1 U.S. G7 Average France Italy Japan 121.3 153.8 5% 8% 8% 14% 20% 4% 10% 12% (1) Net debt refers to General Government net debt. International Monetary Fund October 2019 Fiscal Monitor. (2) Statistics Canada, RBC Economics Research. 31 ECONOMIC BACKDROP 10% ■Finance, Insurance & Real Estate ■Manufacturing ■ Wholesale and Retail Trade ■Scientific, Technical & Educational Services ■Public Administration and Utilities Mining, Oil & Gas Extractions ■Construction 10% ■Health Care ■Transportation, Warehousing Other RBC

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