Provincial Outlook Economic Forecast: New Brunswick—Autumn 2019
The Conference Board of Canada, 20 pages,
January 10, 2020
This quarterly economic forecast for the province of New Brunswick examines the economic outlook for the province, including gross domestic product (GDP), output by industry and labour market conditions.
- Economic growth will be moderate over the medium term.
- Labour markets performed well in 2019 and showed signs of improving fundamentals. However, the province will feel the drag of its aging demographics on its labour force moving forward.
- Investment in the province has declined significantly over the last 10 years. And with no major projects on the horizon, investment will grow only modestly over the medium term.
- Key goods-producing industries were weak in 2019 and will grow only moderately over the forecast.
- Demographics remain a key challenge for the province moving forward. The labour force will continue to shrink as baby boomers retire.