Canada’s economy remains solid with the only significant risks to continued solid growth being external, the International Monetary Fund said in a report released Thursday.

Canada is “benefiting from its strong macroeconomic policy framework and the boom in global commodity prices,” the IMF observed in its semiannual world economic outlook.

The booming oil and gas and mining economies have helped produce stellar growth in Canadian provinces such as Alberta, British Columbia and Saskatchewan, while the manufacturing sector in Ontario and Quebec has been squeezed by rising energy costs and a high dollar that has curtailed exports to the United States.

Atlantic Canada, meanwhile, has shown growth in energy producing provinces such as Newfoundland and Nova Scotia but weakness in other parts of the region.

“The main risks to the outlook are external, including the possibility of a sharper-than-expected slowing in the U.S. economy and a disorderly adjustment of global imbalances that could result in a substantial further appreciation of the Canadian dollar.”

Inflation is well contained and “a strong fiscal position remains at the centre of the new government’s economic policies,” which include commitments to reduce public debt, contain expenditure growth and lighten the corporate sector’s tax load.

The American economy, meanwhile, is headed for a slowdown caused by a cooling housing market, the IMF said.