(August 24 – 11:10 ET) – Alberta and Newfoundland will lead the provinces in growth this year, according to Provincial Outlook, Summer 2000, the latest economic forecast from The Conference Board of Canada.
“Oil-producing provinces will be Canada’s top performers through the remainder of the year,” said Peter Hall, Associate Director of Economic Services. “High energy prices are propelling Alberta and Newfoundland to the top of the growth rankings.” Saskatchewan’s economic growth will also be driven mainly by mineral fuels and mining services.
According to the forecast, solid gains in employment in British Columbia will help boost income and consumer spending. In Manitoba, all the major goods-producing industries, except construction, are making a strong comeback this year.
The Conference Board said growth of domestic demand in Ontario is expected to decelerate in 2001, after a rapid expansion this year. Strong job creation, wage increases, and income tax relief are fueling robust growth in Quebec this year.
In the Atlantic Provinces, investment spending and a strong housing industry will lead New Brunswick to another year of vibrant expansion. The tourism industry remains a key contributor to solid growth in Prince Edward Island this year. In Nova Scotia, economic growth will decelerate sharply – a result of the completion of the Sable Island project.
-IE Staff