Canadian Prime Minister Stephen Harper on Tuesday ruled out another round of fiscal stimulus to help the economy, which has been hurt by lower oil prices. He said that the economy is still expected to grow, albeit at a slower pace than anticipated.

Canadian gross domestic product declined 0.1% in January and job creation over the past 12 months has been weak due to lower oil prices.

Harper confirmed the government intension to eliminate deficit ahead of the release of the federal budget later this month.