Provincial Outlook Economic Forecast: Autumn 2002

This quarterly executive summary provides highlights of the Provincial Outlook report which presents the short-term outlook for Canada’s provinces.

Document Highlights

The Canadian economy continues to churn out world-beating economic growth, defying the sense of uncertainty and gloom that seems to have gripped the globe. A barely noticeable growth pause expected at the start of 2003 will not deter the economy from the growth pace being set in 2002.

• Record oil production and megaprojects to catapult growth in Newfoundland and Labrador.
• Quebec’s economy to expand at a slower pace in 2003.
• A recovery in the manufacturing sector stimulates stronger growth for Ontario next year.
• A bounce-back in agriculture pushes growth in Manitoba and Saskatchewan.
• Outlook improving for British Columbia, but a full recovery will wait until next year.
• Construction projects to boost growth in New Brunswick and Nova Scotia in 2003.