Provincial Outlook Economic Forecast: Summer 2002

This quarterly executive summary provides highlights of the Provincial Outlook report which presents the short-term outlook for Canada’s provinces.

Document Highlights 

The Canadian economy roared away in the first half of the year, with impressive results on many fronts: A surge in labour markets and stalwart housing demand bolstered consumption activity, while firmer U.S. demand brought the export sector back to life. The considerable inventory liquidation at the end of last year stimulated industrial production. Overall, real gross domestic product (GDP) rose by 1.5 per cent in the first quarter of the year.

Highlights of this issue include:

• Record oil production and mega projects to catapult growth in Newfoundland and Labrador.
• Feverish labour and housing markets bolster Quebec’s economy.
• A recovery in the manufacturing sector stimulates Ontario.
• A bounce-back in agriculture pushes growth in Manitoba and Saskatchewan.
• Outlook improving for British Columbia, but full recovery is not yet in the cards.
• Construction projects to boost growth in New Brunswick and Nova Scotia in 2003.