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.
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The pandemic’s latest wave has not been an easy one for New Brunswick. A record number of cases, hospitalizations, and deaths caused the government to reinstate public health restrictions.
Labour shortages will continue to play a factor in preventing certain sectors such as health care and social assistance, as well as accommodation and food services, to operate at full capacity.
Although there are still challenges due to the pandemic and labour shortages, we forecast real GDP to grow by 5.3 per cent in 2021, 2.4 per cent in 2022, and 0.9 per cent in 2023.
In October, Finance Minister Ernie Steeves announced that the projected budget deficit of $244.8 million predicted for this fiscal year in March has turned into a surplus of $37.7 million.
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