This annual economic forecast provides highlights of the Provincial Outlook Long-Term report which presents the long-term provincial outlook.
Provincial Outlook Long-Term Economic Forecast: 2006
Provincial Outlook Long-Term Economic Forecast: 2006
Provincial Economic Analysis
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- Ontario and Alberta will occupy the two top spots over the long term, Ontario from a favourable demographic outlook due to sturdy international migration and Alberta from the development of the oil sands, where an amazing $100 billion in investment is expected to expand the industry.
- Over the long term, real GDP growth will average 2.3 per cent in British Columbia and 2 per cent in Prince Edward Island, as the provinces become preferred retirement havens for baby boomers.
- Declining population and depletion of oil reserves will weigh heavily on Newfoundland and Labrador over 2005–25.
- Population will shrink in every year of the forecast in New Brunswick and Nova Scotia, impeding real economic growth significantly over the long term.
- Quebec can expect average annual growth of 2 per cent over the forecast, as major capital outlays in electricity-generating capacity and sound export activity compensate for tepid population growth.
- Population growth will hold steady over the forecast period in Manitoba due to more favourable immigration. Saskatchewan will experience very weak population gains over 2005–25.
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