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 2017
Provincial Outlook Economic Forecast: Summer 2017
Provincial Economic Analysis
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- The Canadian economy is advancing at its fastest pace in nearly two decades.
- Alberta’s economy is recovering; it will be the fastest growing province this year. The recovery will lose speed next year as oil prices struggle to increase. Saskatchewan’s economic recovery will also cool next year.
- Quebec’s unemployment rate dropped to a 20-year low, and it has successfully turned its fiscal situation around. However, the effects of an aging population will ease the Quebec economy’s rate of growth.
- The overall effects of the forest fires in British Columbia are still being assessed. With a slowdown in the housing sector, economic growth is expected to weaken over the near term.
- Manitoba’s economy is not expected to grow much next year as investment in major power projects will come down and metal mining will suffer from declining reserves.
- With the Canadian economy gaining speed, more interest rate hikes are in store over the next two years.
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