This quarterly economic forecast presents the short-term outlook for Canada’s provinces.
Provincial Outlook Economic Forecast: Autumn 2006
Provincial Outlook Economic Forecast: Autumn 2006
Provincial Economic Analysis
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- Consumer spending growth will weaken south of the border as U.S. real estate prices slump, limiting economic growth in Canada to 2.7 per cent in 2006 and 2.9 per cent in 2007.
- Robust GDP growth is expected in Newfoundland and Labrador next year as mineral production intensifies. Except in New Brunswick, where there will be major capital projects, growth in the rest of Atlantic Canada will be weak.
- Economic conditions are exceptional in Alberta this year. With less income stimulus, domestic demand will lose momentum. Nonetheless, on the heels of a 7 per cent increase this year, a solid GDP gain of 5 per cent is anticipated in 2007.
- Apart from forestry, most sectors in British Columbia will enjoy a favourable outlook. The mining and construction sectors are doing particularly well.
- Manitoba is facing solid prospects in the construction industry and sturdy overall economic growth. Saskatchewan is contending with sluggish uranium and potash production this year, but the situation should be resolved next year.
- Central Canada will suffer most from the slowdown in consumer demand south of the border. Economic growth in the region will languish for one more year. However, all is not bleak: the domestic economy continues to benefit from decent gains in after-tax income.
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