This annual 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.
Provincial Long-Term Economic Forecast for New Brunswick: 2016
Provincial Long-Term Economic Forecast for New Brunswick: 2016
Provincial
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- New Brunswick will rank second to last among the provinces in GDP growth, going from an average annual rate of 1.7 per cent over 2016–20 to 1.2 per cent for the balance of the forecast.
- Total immigration to New Brunswick will remain relatively steady, but the natural decrease in the population resulting from a higher death rate and lower birth rate will eventually cause the population to decline.
- Labour force growth will be propped up by major projects in the near term, but it will fall once those projects are complete, limiting the province’s potential output.
- The government’s fiscal position will become increasingly precarious, as the greying of the population leads to weaker revenues and greater health care spending.
- Workers leaving the labour force will keep the unemployment rate low.
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