Document Highlights:
High debt levels, rising interest rates, and a correction in the housing market are weighing on economic growth in Canada.
Most provinces will see their economic performance weaken over the near term.
New regulations in the housing sector have slowed new home construction in many provinces, and retail sales declined in the first quarter for the first time since the resource sector recession hit in 2015.
Despite trade issues, private investment, mainly in machinery and equipment, has been picking up across the country.
The strongest economic performances next year are forecast for Newfoundland and Labrador and Prince Edward Island.
There are risks to the outlook, the recent announcement in the uranium sector will lead to more layoffs in Saskatchewan and lower uranium production.
There is renewed interest in investment in Alberta’s energy sector and the province is primed for private investment growth next year, but no large-scale, multi-phase, multi-billion oil sands capital projects are planned at the moment.
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