Bank of Canada says oil shock hitting faster, not larger

Tue Apr 28, 2015 9:07am EDT
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OTTAWA, April 28 (Reuters) - The impact of cheaper oil prices on the Canadian economy is happening faster than the Bank of Canada initially expected, but the shock does not appear to be larger than anticipated, the central bank Governor Stephen Poloz reiterated on Tuesday.

Speaking before a Parliamentary committee, Poloz said that outside the energy sector, other areas of the economy appear to be doing well, with the segments of non-energy exports that the bank had expected to lead the recovery doing so. (Reporting by Leah Schnurr and Randall Palmer; Editing by Jeffrey Benkoe)