Provincial Outlook Economic Forecast: Autumn 2003

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

Document Highlights

• After advancing by a sluggish 1.7 per cent in 2003, the Canadian economy will see stronger growth of 3 per cent next year.
• Quebec and Ontario are expected to benefit as the U.S. economy recovers, but the stronger Canadian dollar will restrain growth.
• Weaker construction prospects will dampen the outlook in most of Atlantic Canada.
• With less fiscal austerity and an improved manufacturing sector, real GDP in British Columbia will expand at close to the national pace in 2004.
• Alberta will enjoy sturdy gains over the near term, thanks to strong domestic demand and considerable investment in the oilsands.
• Sound growth is projected in Saskatchewan next year, thanks in part to double-digit gains in the agricultural sector.