This quarterly economic forecast provides highlights of the Provincial Outlook report, which presents the short-term outlook for Canada’s provinces.
Provincial Outlook Economic Forecast: Winter 2007
Provincial Outlook Economic Forecast: Winter 2007
Provincial Economic Analysis
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- Canada’s domestic economy has enough momentum to perform well despite the hiccup in U.S. growth. Real GDP in Canada is expected to post growth of just 2.7 per cent in 2007 but will rebound with growth of 3.3 per cent in 2008.
- The outlook is much stronger in Atlantic Canada this year (except in Prince Edward Island). Robust GDP growth is expected in Newfoundland and Labrador as mineral production recovers. New Brunswick will continue to benefit from major capital projects, while stronger natural gas production will lift Nova Scotia’s bottom line.
- Alberta’s prospects remain bright. But real GDP growth there will cool from 6.3 per cent in 2006 to 4.7 per cent in 2007. With less income stimulus, domestic demand will lose momentum.
- British Columbia is forecast to enjoy steady growth over the next two years. Several new mines will boost mining output, while the expansion of public infrastructures will stimulate construction.
- Manitoba is enjoying good times. The economy will continue to expand at a healthy clip as construction and mining perform well. The outlook is also positive in Saskatchewan. The province should rebound quickly from difficulties in the mining sector.
- The manufacturing sector in Central Canada should slowly start to improve. Ontario’s economy will experience another sluggish performance in 2007 but will rebound in 2008 with stronger external demand. Quebec will enjoy firmer economic growth this year, fuelled by robust income gains.
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