By James Langton

(March 26 – 08:e0 ET) – This week will be busy with a slew provincial budgets coming out. Otherwise, Canada will be quiet on the economic newsfront. In the U.S., several economic reports are due.

Five provinces are set to release their latest budgets this week, leading off with New Brunswick on Tuesday, followed by Quebec, Nova Scotia and PEI on Thursday, and Saskatchewan on Friday. Quebec is expected to be the most watched budget — the first for a new finance minister.

The only data to be released in Canada this week covers industrial prices. That’s due out on Tuesday. GDP-at-factory-cost is slated for Friday. Both number are expected to perk up.

“The reading on January GDP will be the first broad-based peek at how the economy is faring for this year, and it’s expected to reveal a modest gain of 0.2%,” say the analysts at BMO Nesbitt Burns. “While manufacturing is struggling, retail sales and housing activity posted solid gains in the month. Employment was essentially flat. Our call would leave GDP up 2.8% from year-ago levels a respectable result, but still the slowest pace in over two year.”

CIBC World Markets concurs with BMO’s call. “Stronger-than-expected numbers on exports, shipments and retail trade point to a 0.2% monthly increase, matching December1s gain.”

In the U.S., the most important event may be U.S. Federal Reserve Board Chairman Alan Greenspan’s speech to the National Association of Business Economists on Tuesday. Fed watchers are hoping for a sign that this week’s 50 basis point cut was a mere taste of rate cuts to come. BMO Nesbitt Burns predicts that Greenspan will say, “This time, he will leave no doubt that lower short-term interest rates lie ahead.”

Apart from Greenspan, the U.S. new home sales numbers are due on Monday. Durable goods orders and consumer confidence numbers will be released on Tuesday. Then on Thursday, fourth quarter GDP numbers, and on Friday, personal income and spending numbers. BMO analysts expect a lower consumer-confidence reading, but predict income and spending will be up, nonetheless.

The earnings slate is a pretty quiet one in Canada this week, too, with Cambior Inc. expected to report at some point. Cogeco Cable and Royal Host REIT are slated for Monday, followed by Cogeco Inc. and Richelieu Hardware Ltd. on Tuesday. AGF Management Limited is set for Wednesday, as is ATI Technologies. Shaw Communications will announce on Thursday and the powerhouses Power Corp. and Power Financial will report on Friday.