Provincial Outlook Executive Summary: Autumn 2018 (WEB)
This quarterly economic forecast provides highlights of the Provincial Outlook report, which presents the short-term outlook for Canada's provinces.
- Better-than-expected economic news will help the Canadian economy grow by 2.0 per cent in 2019, the same pace as in 2018.
- The economic outlook for British Columbia is brighter, as LNG Canada’s project for a terminal in Kitimat is moving ahead with development spread over the next five years.
- The outlook is even brighter for Newfoundland and Labrador. It will lead the country in real economic growth in 2019, thanks to higher oil production.
- In Central Canada, the Quebec and Ontario economies have been slowing but are still performing well in several sectors.
- Almost all traces of Alberta’s 2015–16 recession are gone, as the domestic economy has picked up. Still, for the energy sector, challenges remain.
- Manitoba’s economic performance will be hurt by dwindling mineral production and the weakening of investment, leading to much weaker growth in 2020.
- It’s been a tough road recently for Saskatchewan, and economic prospects over the near term are modest at best.
- Above-trend population growth will help keep real GDP growth in Prince Edward Island elevated in 2019. The economic outlook for the rest of the Atlantic region is more muted despite improvements in labour markets.