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 2008
Provincial Outlook Economic Forecast: Spring 2008
Provincial Economic Analysis
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- Nationally, real GDP is expected to advance by just 2.2 per cent this year due to weak external demand.
- Manitoba and Saskatchewan will be powered by large capital developments. A new oil pipeline will add more fuel to the construction sector.
- A robust service sector will enable Alberta and British Columbia to experience steady growth over the near term despite uncertain times in key goodsproducing industries.
- Development of the Deep Panuke natural gas field will stimulate Nova Scotia while a new PotashCorp mine and processing plant will fuel the construction industry in New Brunswick. Prince Edward Island will experience stable GDP growth in 2008–09.
- Newfoundland and Labrador’s real GDP will drop in 2008 but rebound in 2009, mirroring the performance of the offshore oil industry.
- While exporters in Quebec and Ontario continue to struggle with a strong loonie and faltering demand south of the border, healthy domestic demand will rescue these economies. Neither province is expected to slip into recession.
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