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: Summer 2006
Provincial Outlook Economic Forecast: Summer 2006
Provincial Economic Analysis
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- Real GDP growth in Canada will be limited to 3.1 per cent in 2006 by further erosion in the trade balance, despite a strong domestic economy.
- Mineral production at Voisey’s Bay and at the White Rose oil platform will bolster GDP growth in Newfoundland and Labrador over the near term. Growth in the rest of Atlantic Canada should be relatively stable over the forecast period, fuelled by energyrelated developments.
- Alberta is in a league of its own. Economic growth will remain robust for several more years. The West Texas Intermediate crude oil price is not expected to dip below US$65 per barrel in the medium term.
- British Columbia continues to enjoy a boom fuelled by an abundance of natural resources. The mining and construction sectors are thriving.
- Manitoba is facing solid prospects in the construction industry and sturdy overall economic growth. Weak mining production will moderate GDP gains in Saskatchewan.
- The domestic economy in Central Canada is relatively strong, but economic growth will be hindered by sluggish trade activity this year. Stronger economic growth is projected in 2007, with a positive contribution from the trade balance.
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