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 2008
Provincial Outlook Economic Forecast: Winter 2008
Provincial Economic Analysis
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- The softness in Central Canada will continue as exporters cope with uncertainty in the U.S. economy. U.S. household spending will be very weak over the first half of 2008.
- Average growth of 3.3 per cent is forecast for provinces west of Ontario in 2008. Fuelled by ongoing capital projects and bright manufacturing prospects, Manitoba will top provincial growth rankings with 3.7 per cent real GDP growth anticipated this year.
- Saskatchewan will continue to lure people from other provinces. The strong population forecast combined with a host of new initiatives to expand the potash industry will boost the economy over the near term.
- Hampered by a plunge in drilling activity, Alberta will nonetheless grow by an average of 3.3 per cent over the next two years on the strength of its service sector.
- A hot job market and booming construction activity will benefit British Columbia as the province deals with another year of difficult market conditions in the forestry sector.
- Large capital projects will bolster the Nova Scotia and New Brunswick economies over the near term. Prince Edward Island will experience stable GDP growth in 2008–09.
- Until new oil production capacity is developed, real GDP growth in Newfoundland and Labrador will grow moderately (1.6 per cent on average in 2008–09).
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