Provincial Outlook Economic Forecast: Summer 2003

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 is forecast to grow by 1.9 per cent this year and by 3.2 per cent in 2004.

Quebec and Ontario will see growth slow to a crawl this summer, but a healthy rebound is in store next year.

Fiscal retrenchment and weak markets for wood products will weigh down British Columbia’s near-term performance.

Growth will fall sharply in Newfoundland and Labrador as offshore oil production peaks.

Alberta will see solid near-term growth, thanks to robust oil patch activity and vibrant domestic demand.

Strong gains in mining output and a rebound in agriculture will make Saskatchewan the top-growing province this year and next.