This annual executive summary provides highlights of the Provincial Outlook report which presents the long-term outlook for Canada’s provinces.
Document Highlights
The national economy is expected to experience average growth of 2.6 per cent over the 2001-20 period, in line with underlying potential growth.
At 2.7 per cent, growth will be strongest in Alberta and Ontario. Alberta will benefit from rising oil prices, an immense non-conventional oil supply, and better extraction technology, while relatively strong demographics and solid export performance will help Ontario.
Over the long term, British Columbia and Prince Edward Island will post relatively strong growth as they become retirement havens for the ageing population.
Declining population will make Newfoundland and Labrador the slowest growing province over the 2002-20 period.
Weak demographics will also constrain growth in New Brunswick, Nova Scotia, Manitoba, and Saskatchewan.
Quebec is forecast to average annual growth of 2.4 per cent in 2002-20, as strong construction spending and good export performance help to offset the effects of very slow population growth.
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