Provincial Outlook Executive Summary: Spring 2012

This quarterly economic forecast provides highlights of the Provincial Outlook report, which presents the short-term outlook for Canada’s provinces.

Document Highlights

• While the focus over the near term will be on restoring provincial fiscal balance sheets, favourable developments south of the border and a fast-expanding resource sector will help stimulate regional private sector performance.
• Western Canada will continue to perform well. The B.C. economy is forecast to improve, led by a solid performance in the mining, manufacturing, and construction sectors in 2013.
• Ontario’s economic prospects have improved somewhat since the Winter 2012 Provincial Outlook. Quebec’s real GDP growth will be restrained over the near term by a heavier fiscal burden and a cooling in the housing market.
• With the exception of Newfoundland and Labrador, the outlook for Atlantic Canada is tempered by near-term weakness in the construction industry.