Provincial Outlook Economic Forecast: New Brunswick—Spring 2019
The Conference Board of Canada, 61 pages,
June 7, 2019
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.
- New Brunswick’s GDP growth is set to improve to 1.4 per cent next year, up from 0.9 per cent this year.
- Although immigration remains high, the large flow of residents who relocate to other provinces and a negative natural increase in the population erase any potential population gains over the next two years.
- The provincial government balanced its budget for 2019–20. That is earlier than expected. However, the budget set out no clear path for future program spending, and it is unclear how the balance will be maintained in the medium term.
- No major projects are set to begin over the next two years, keeping business investment growth modest.
- Going forward, the largest contributors to economic growth will be the services industries.