Provincial GDP numbers for 2000 were released this morning, reminding economists of the long gone good old days.

“Amid the growing signs of gloom in Canada’s economy in 2001, today’s release of provincial economic growth for 2000 served as a striking reminder of just how good things were across the country a year ago,” say TD Bank economists.

“Although Alberta, Newfoundland, and Ontario stood out as the clear leaders in terms of real GDP growth last year — with rates of more than 5% — all provincial economies chalked up a pace of expansion of 1.8% or more.”

According to StatsCan’s latest annual results, Newfoundland and Alberta were strongest in 2000, both growing at a 5.6% rate, notes BMO Nesbitt Burns. Ontario was close behind with 5.3% growth.

Quebec also posted solid growth last year, led by telecommunications equipment and the aerospace industry. Outside of Alberta, the Prairies lagged the national average, and the Maritimes were weak, too.

TD says that many of the factors which led to runaway growth have since turned sour, “Most notably the fortunes of the U.S. economy and the IT sector — and all provincial economies being shaken by the September 11th terrorist attacks, the 2001 growth picture is shaping up to be a dismal one. In fact, Canada’s most export-oriented economies — Ontario and Quebec — appear to be in the throes of recession.”

The 2001 provincial leader board is likely to look very different from that of 2000, TD says, “as the heavily-manufacturing geared economies of Ontario and Quebec tumble to the bottom, while the relatively more insulated economies of Newfoundland and Prince Edward Island sit close to the top. Still, it will be a difficult year for virtually all of Canada’s provincial economies, as nine — all except Alberta — will probably register growth of under 2% in 2001”

BMO concludes, “No region is immune to the slowdown now engulfing North America. Saskatchewan will see the weakest growth in 2001, constrained by soft resource prices and drought conditions this summer. Ontario and Quebec are most exposed to the U.S. downturn, and will struggle to reach 1% growth in the year ahead. B.C. is slowing sharply, burdened by the U.S. softwood lumber duty and the Japanese recession. Even Alberta’s boom is drawing to an end.”