This quarterly economic forecast provides highlights of the Provincial Outlook report, which presents the short-term outlook for Canada’s provinces.
Provincial Outlook Economic Forecast: Spring 2007
Provincial Outlook Economic Forecast: Spring 2007
Provincial Economic Analysis
$600.00
- The Canadian economy is forecast to advance by 2.8 per cent this year and a stellar 3.4 per cent in 2008.
- While Newfoundland and Labrador grabs headlines this year with a strong comeback in mineral production, the other Atlantic provinces will also fare well. New Brunswick will continue to benefit from major capital projects, while stronger natural gas production and a positive outlook for the financial industry lift Nova Scotia’s bottom line. Solid prospects in the manufacturing sector will benefit Prince Edward Island going forward.
- Alberta’s prospects remain bright. However, weak drilling activity for the first time in five years, combined with moderating net interprovincial migration, will rein in real economic growth to a still solid 4.1 per cent in 2007.
- British Columbia is facing solid prospects. Outstanding job creation and provincial tax cuts will stimulate consumer demand. The mining and construction industries will also shine.
- Surprisingly, Saskatchewan experienced net positive interprovincial migration in the last quarter of 2006. If the positive inflow of people continues, the province could experience stronger economic growth.
- Large multi-year capital projects, a healthy primary sector and a vibrant domestic economy are driving the Manitoba economy.
- The industrial sector is still challenged in Ontario; the province will not turn the corner until 2008. Quebec will enjoy firmer economic growth this year, fuelled by a hefty pay equity settlement and a positive investment outlook.
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