This quarterly economic forecast presents the short-term outlook for Canada’s provinces.
Provincial Outlook Economic Forecast: Summer 2005
Provincial Outlook Economic Forecast: Summer 2005
Provincial Economic Analysis
$1,775.00
- Despite strong domestic demand, real GDP growth in Canada will be limited to 2.5 per cent in 2005 by a steep erosion in the real trade balance.
- Alberta is still very much energized, but more sustainable economic growth is expected in 2006.
- British Columbia will benefit in the near term from exceptional job creation in the past 12 months.
- Another difficult year for agriculture dampens the outlook in Manitoba, but neighbouring Saskatchewan will do relatively well thanks to strength in the mining sector.
- Ontario is facing a sluggish year as real GDP growth is capped at 2.3 per cent in 2005 by modest trade activity, in particular weak automobile exports.
- Quebec is forecast to bounce back next year with major new capital expenditures in the energy sector.
- Newfoundland and Labrador will take the lead in 2006 as mining production ramps up at the Voisey’s Bay nickel mine and the White Rose oil project.
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