This quarterly economic forecast presents the short-term outlook for Canada’s provinces.
Provincial Outlook Economic Forecast: Spring 2006
Provincial Outlook Economic Forecast: Spring 2006
Provincial Economic Analysis
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- The Canadian economy remains healthy, with growth expected to average about 3 per cent per year over 2006 and 2007.
- Even though Western Canada is firing on all cylinders, Newfoundland and Labrador will experience the strongest real GDP growth in 2006. Growth in the rest of Atlantic Canada should be relatively stable over the forecast period, fuelled by energy-related developments.
- Continued intense development of the oil sands will lift overall economic growth and generate many employment opportunities, attracting several Canadians to Alberta. All in all, net interprovincial migration to the province will soar by an average of 31,000 people over this year and next.
- Strong growth in the construction industry will continue to stimulate the British Columbia economy.
- Manitoba and Saskatchewan face bright prospects, with several nonresidential investment projects and intense mineral exploration activity.
- Ontario will experience solid domestic demand but production cuts and weaker U.S. demand will hamper the auto sector and overall economic prospects in the short term.
- Lower household demand for retail purchases and new homes will dampen the Quebec forecast this year.
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