Challenges Remain but Solid Growth in the Cards: New Brunswick’s Two-Year Outlook

Document Highlights:

Population growth, a result of international and interprovincial migration, continues to impress.

Employment is expected to continue growing this year due to further easing of public health restrictions and strong population growth.

With the minimum wage rising by a dollar in April, New Brunswick no longer has the lowest minimum wage in the country, and an additional dollar increase is expected by the end of the year.
Services industries should pick up pace and perform much better this year than the goods-producing industries.

Tourism activity in the province is projected to improve this year, but the rise in gasoline prices could curtail these activities to an extent.

Real GDP, after rising by 5.1 per cent in 2021, is anticipated to grow by 2.3 per cent in 2022 and 2.2 per cent in 2023.