This quarterly economic forecast presents the short-term outlook for Canada’s provinces.
Provincial Outlook Economic Forecast: Spring 2005
Provincial Outlook Economic Forecast: Spring 2005
Provincial Economic Analysis
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- Weak exports and a drawdown on inventories will limit Canadian economic growth to 2.3 per cent in 2005.
- An enviable fiscal situation in Alberta and British Columbia will stimulate near-term growth.
- Western Canada is booming as global demand sizzles for mining products.
- Alberta will again lead the provinces in GDP growth in 2005 and will rank second in 2006.
- Before the Ontario economy rebounds next year, weak foreign trade and a reduction in swollen business inventories will keep overall economic growth in check.
- Softness in the domestic economy and in exports will limit real GDP gains to just 2.0 per cent this year in Quebec.
- Newfoundland and Labrador will stand out in 2006 as mining production takes off at the Voisey’s Bay nickel mine and the White Rose oil project.
- New housing construction will cool off in all provinces.
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