Provincial Outlook Summary: No Province Spared From Recession

The Conference Board of Canada, 17 pages, May 27, 2020
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This quarterly economic forecast provides highlights of the Provincial Outlook report, which presents the short-term outlook for Canada’s provinces.

Document Highlights

  • Canada is in the midst of its worst economic downturn in decades, with real GDP expected to decline by 4.3 per cent this year.
  • The arrival of the COVID-19 pandemic has devastated the economic outlook for all provinces, with significant declines in economic activity right across the country.
  • Alberta will be hardest hit this year as it contends with the combination of restrictions on activity to slow the spread of the virus and an unprecedented drop in the price and demand for oil.
  • The economic outlook for next year is much better, with all provinces expected to rebound strongly.

Table of Contents

Key findings

National overview

Provincial overview

Newfoundland and Labrador—Low oil prices combine with COVID-19 to pummel Newfoundland economy

Prince Edward Island—Economic hot streak ends abruptly

Nova Scotia—The coronavirus pandemic is wreaking havoc on Nova Scotia’s economy

New Brunswick—New Brunswick’s economy set to weather pandemic better than others

Quebec—COVID-19 sickening the provincial economy

Ontario—Ontario suffers its first recession since 2009

Manitoba—Manitoba’s economy in a tailspin due to COVID-19 and trade

Saskatchewan—Tough times continue, but solid recovery is on the horizon

Alberta—Province bracing for historic economic decline

British Columbia—Province’s key industries hammered by COVID-19

Appendix A—Methodology

COVID-19: Get all the insights

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