This quarterly economic forecast for the province of New Brunswick examines the economic outlook for the province, including gross domestic product (GDP), output by industry and labour market conditions.
Document Highlights
- New Brunswick was more successful than most provinces in limiting the impact of the pandemic in 2020. However, the start of 2021 has seen higher COVID-19 caseloads, which will weigh on growth in the first half of the year.
- New Brunswick’s real GDP is estimated to have declined by 4.1 per cent in 2020, compared with the national average of 5.3 per cent. The economy is expected to recover with 3.4 per cent growth in 2021.
- Widespread vaccination is crucial to this year’s recovery, most notably in sectors that were hit the hardest by the pandemic, including tourism, accommodation and food services, and arts, entertainment, and recreation.
- Net migration to New Brunswick has been increasing rapidly for the past several years. A growing number of young New Brunswickers who left the province when they were in their twenties have been coming back now that they are in their thirties, providing a much-needed boost to the province’s labour force and economic growth.
