​Canada more exposed to oil prices than before

​Canada more exposed to oil prices than before

​Canada more exposed to oil prices than before Canada’s exposure to oil prices is three times greater than it was in 1998. A new client note from CIBC warns that the economic forecasts we have seen underestimate the potential damage to the economy as by its calculations oil represents almost 9 per cent of Canada’s GDP. The note highlights that in 1998 when prices were hit by an Asian financial crisis, oil contributed 3 per cent of GDP.