This annual economic forecast for the province of New Brunswick examines the economic outlook for the province, including gross domestic product (GDP), output by industry and labour market conditions.
Provincial Outlook Long-Term Economic Forecast for New Brunswick: 2015
Provincial Outlook Long-Term Economic Forecast for New Brunswick: 2015
Provincial Economic Analysis
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- Weak demographic fundamentals will limit real GDP growth over the long term: real GDP growth will decelerate from an average annual of 1.7 per cent in 2014–19 to just 1 per cent for the rest of the forecast.
- The aging of the population and resulting increase in the death rate will offset international migration gains and cause the population to decline.
- The increasing wave of the retiring baby boomers will limit overall labour force growth, weighing down potential output in the province.
- The rise in the number of seniors will exert fiscal pressures on the provincial government’s purse at a time of limited revenue-generating capacity.
- Given the softer domestic demand, inflationary pressures are expected to remain at bay over the long term.
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