Provincial Outlook Economic Forecast: Autumn 2002

This quarterly economic forecast 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. Growth in gross domestic product (GDP) is forecast to reach 3.5 per cent this year and 3.4 per cent in 2003.

• 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.