Provincial Outlook Long-Term Economic Forecast: 2005

This annual economic forecast provides highlights of the Provincial Outlook Long-Term report which presents the long-term provincial outlook.

Document Highlights

• Canada’s economy is expected to see compound annual growth of 2.5 per cent between 2004 and 2025.
• Ontario and Alberta will occupy the two top spots over the long term, Ontario from a favourable demographic outlook and Alberta from development of the oilsands, where over $53 billion in investment has been proposed over the next decade.
• Over the long term, real GDP growth in British Columbia and Prince Edward Island will average 2.2 per cent, as the provinces become retirement havens for baby boomers.
• Declining population and depletion of oil reserves will weigh heavily on Newfoundland and Labrador over 2004–2025.
• Quebec can expect average annual growth of 2.2 per cent over the forecast, as major capital outlays in electricity-generating capacity and sound export activity compensate for tepid population growth.
• Population decline in New Brunswick and Nova Scotia and weak population growth in Saskatchewan will limit consumption expenditures over the long term.