Provincial Outlook Executive Summary: Autumn 2019 (WEB)
This quarterly economic forecast provides highlights of the Provincial Outlook report, which presents the short-term outlook for Canada’s provinces.
- After increasing by 1.6 per cent this year, growth in the Canadian economy is expected to reach 1.8 per cent in 2020 as energy investment turns around and consumer spending picks up.
- British Columbia and Alberta will see the biggest boost from energy investment and are expected to lead the country in economic growth next year.
- Growth has been surprisingly strong in Atlantic Canada this year. Newfoundland and Labrador will have the strongest-growing economy this year as energy production soars while Prince Edward Island, Nova Scotia, and New Brunswick are all benefiting from strong migration.
- Quebec’s economy will grow faster than the national economy again this year, but its economic growth will slow sharply next year as weaker population growth weighs on household spending gains.
- Ontario is in the midst of a period of modest economic growth as residential investment and consumer spending cools and slowing global growth is restraining its export prospects.