This quarterly economic forecast presents the short-term outlook for Canada’s provinces.
Provincial Outlook Economic Forecast: Autumn 2005
Provincial Outlook Economic Forecast: Autumn 2005
Provincial Economic Analysis
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- Real GDP growth in Canada is expected to settle in at 2.7 per cent this year; a better trade performance will lift growth to 3.1 per cent in 2006.
- Alberta is roaring ahead, with most sectors of the economy firing on all cylinders. Elevated energy prices are a boon to the province.
- British Columbia is cranking up new jobs at an impressive rate; this should benefit the domestic economy going forward.
- Both Manitoba and Saskatchewan face relatively bright prospects with improvement in the agriculture sector and continued strength in the construction and manufacturing industries.
- A stronger trade performance and ongoing strength in consumer spending will boost near-term economic growth in Ontario.
- A large contraction in residential construction in Quebec will limit overall economic growth to 2.6 per cent next year.
- Newfoundland and Labrador will take the lead in 2006, with production ramping up at the Voisey’s Bay nickel mine and the White Rose oil project.
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