Provincial Outlook Economic Forecast: New Brunswick—Autumn 2018

The Conference Board of Canada, 62 pages, December 20, 2018
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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.

Document Highlights

  • Overall, New Brunswick’s economy is expected to grow by 1.3 per cent in 2019 and 1.1 per cent in 2020—an improvement over the 0.6 per cent projected for 2018.
  • The province’s demographic situation remains a significant challenge. Although immigration to Atlantic Canada has reached record levels, retaining those immigrants in the province remains a problem.
  • The new provincial government is aiming to balance its books by 2020–21. However, no plans for expenditure restraint have been announced.
  • Real exports are forecast to increase by 1.8 per cent in 2019 and 2.2 per cent in 2020. The implementation of the Comprehensive Economic and Trade Agreement (CETA) with the European Union, as well as better conditions in the fishing sector, will help underpin this outlook.
  • The economy going forward will be supported by production from the services sectors. Many large corporations are setting up customer and business service centres in the province, helping to support economic growth.

Table of Contents

RÉSUMÉ

EXECUTIVE SUMMARY

New Brunswick

  • Demographics and Fiscal Situation Challenge the Economy
  • Labour, Income, and Consumption Outlook
  • Government Outlook
  • Business Investment Outlook
  • Trade Outlook
  • Key Sectors

Appendix A–Forecast Tables

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