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.
Provincial Outlook Economic Forecast: New Brunswick—Spring 2017
Provincial Outlook Economic Forecast: New Brunswick—Spring 2017
Provincial Economic Analysis
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- New Brunswick’s real GDP growth is forecast to be 1 per cent this year and 1.1 per cent in 2018. These growth rates are among the weakest in Canada.
- Around 2,000 jobs are expected to be added to New Brunswick’s economy this year. However, growth in employment is expected to slow over the medium term due to stagnant labour force growth.
- To meet the needs of an aging population, the health care and social assistance sector will have to grow at a rapid pace over the next two years. However, with the provincial government committed to balancing its budget over the next two years, no other major spending increases are expected.
- The province’s goods-producing industries will grow by 1.7 per cent this year and 2.8 per cent next year. Growth is being fuelled by the forestry sector, fishing, manufacturing, and metal mining.
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