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: Winter 2006
Provincial Outlook Economic Forecast: Winter 2006
Provincial Economic Analysis
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- The Canadian economy remains healthy, with growth expected to average 3 per cent over 2006 and 2007.
- Newfoundland and Labrador will move from last to first place among the provinces thanks to surging mining output. Growth in the rest of Atlantic Canada should be relatively stable over the forecast period.
- Alberta is once again thriving. The intense development of the oil sands will generate many opportunities. Oil sands investment alone will total over $60 billion until the end of the decade.
- British Columbia is riding a construction boom that should last several more years thanks to a public capital infrastructure program.
- Manitoba and Saskatchewan face relatively bright prospects with improvements in the agriculture sector and continued strength in manufacturing.
- Solid business investment and ongoing strength in consumer spending will bolster near-term economic activity in Ontario.
- A noteworthy contraction in residential construction in Quebec and moderate exports will hold back real economic growth in 2006.
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