The impact of the oil price shock on the Alberta economy is subsiding and this is helping to produce nation-leading economic growth of 4.6 per cent in Calgary and 3.9 per cent in Edmonton in 2017, though the pace of expansion will moderate in both metro areas in 2018.
Regina and Saskatoon are also benefitting from a gradual rise in commodities prices, helping to fuel respective real GDP gains of 2.9 per cent and 3.6 per cent in 2017.
Toronto, Hamilton, Winnipeg, Québec City, Vancouver, and Montréal will all enjoy real GDP growth of 2.9 per cent or more in 2017, led by strong consumer spending that is translating into robust growth in wholesale and retail trade.
Ongoing recoveries in public administration output will help Ottawa–Gatineau’s economy expand by 2.5 per cent and Victoria’s expand by 2.4 per cent in 2017.
Halifax’s real GDP growth of 1.4 per cent in 2017 will trail that of other major Canadian metropolitan areas because of a contraction in primary and utilities output, due largely to a maturing offshore natural gas sector.