This quarterly economic forecast for the province of New Brunswick examines the economic outlook for the province, including gross domestic product (GDP), output by industry and labour market conditions.
Document Highlights
New Brunswick’s GDP growth is expected to improve over the next two years, reaching 1.4 per cent this year, up from just 0.2 per cent in 2018.
Although immigration levels remain high, the large flow of residents who relocate to other provinces and a negative natural increase erase any potential gains to population over the next two years.
The government is expected to present a balanced 2019–20 budget, scheduled to be released March 19, 2019. The new government is currently evaluating all program spending but has not announced which program may get rationalized.
Business investment is driven by machinery and equipment purchases. No major projects are set to begin over the next two years, dampening non-residential investment.
Going forward, the largest contributor to economic growth will be the services sectors. Overall, services-producing industries are projected to contribute 1.1 percentage points to real provincial GDP in 2019.
There are no reviews yet.