This quarterly economic forecast for New Brunswick examines the economic outlook for the province, including GDP, output by industry, and labour market conditions.
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Although New Brunswick managed to contain the pandemic successfully in 2020, the start of 2021 turned out to be difficult. The significant rise in the number of daily COVID-19 cases in the first quarter of 2021 will lower the chances for an early economic recovery. However, there is hope for optimism that if vaccination targets remain on schedule, we can expect to see the second half of the year be bright. After falling 3.7 per cent in 2020, New Brunswick’s economy is expected to bounce back with growth of 4.9 per cent this year, followed by 2.6 per cent in 2022.
In Recovery Resumes After a Difficult Start to 2021: New Brunswick’s Two-Year Outlook, we forecast that the province will continue facing deficits in the next few years. However, managing the pandemic successfully in 2020 gives the province more room for increasing deficits if needed.
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