Economic Recovery Remains on Track: New Brunswick’s Two-Year Outlook—April 2022

Document Highlights

The start of 2022 saw New Brunswick experience its worst month on record in terms of COVID-19 cases, deaths, and hospitalizations.

By February, the province had moved back to Level 2 of its Winter Plan. All restrictions are to be lifted by March 14.

The province has been experiencing impressive gains in interprovincial migration over the past several years.

The housing market continues to remain red hot throughout the province. Rising interest rates this year may end up cooling the market slightly.

The demand for petroleum products is expected to increase, and requests for forestry products will pick up as well.

After rising by 4.3 per cent in 2021, we forecast real GDP to grow at a slower rate of 1.9 per cent this year, followed by 1.9 per cent in 2023.