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
The economy will expand by 1.6 per cent in 2019 and 1.7 per cent in 2020, driven primarily by construction sparked by a hot real estate market.
Employment will grow by 1.4 per cent in 2019, the fastest growth rate since 2007. In 2020, the level of employment will resume its downward trend.
Government spending will ease as the new Higgs government seeks fiscal balance.
Trade relations between Canada and United States will continue to weigh on the forestry sector, with the current tariff structure remaining in place indefinitely.
Demographics remain a key challenge for the province moving forward; the labour force will continue to shrink as baby boomers retire.
