This annual economic forecast presents the long-term outlook for Canada’s provinces, including gross domestic product (GDP), output by industry, and labour market conditions. Also included is a forecast for Canadian economic indicators and a comparison of GDP by province and industry.
Document Highlights
Newfoundland and Labrador is expected to lag behind all other provinces in real GDP growth over the long term, advancing at an average annual compound growth rate of 1.7 per cent from 2001 to 2020.
Prince Edward Island will post the highest average population growth rate in the Atlantic region.
The Nova Scotia economy is anticipated to advance by an average of 2 per cent annually between 2002 and 2020, ranking it seventh among the 10 provinces.
Ranking eighth among the 10 provinces, New Brunswick’s real GDP is projected to grow at a relatively slow average rate of 2 per cent between 2002 and 2020.
Between 2003 and 2007, the expected recovery in the United States should help produce a 2.6 per cent average annual growth rate in Quebec.
Ontario’s real GDP will be well above potential from 2002 to 2004.
Manufacturing will be the strongest component of output in Manitoba between 2001 and 2020.
Mining sector prospects remain bright for Saskatchewan.
The Alberta economy is anticipated to advance solidly between 2002 and 2020, expanding by an average annual rate of 2.7 per cent.
British Columbia’s key resource sector, forestry, is expected to turn in a mixed performance over the forecast period.</li
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