OTTAWA, Dec. 9, 2013 /CNW/ - Over the past few years, we have seen a
two-tiered economy in Canada, in which resource-rich Saskatchewan,
Alberta, and Newfoundland and Labrador outperformed the rest of the
country. Led by Alberta, most provinces can expect stronger economic
growth in 2014, according to The Conference Board of Canada's Provincial Outlook: Autumn 2013.
"While many provinces have struggled in the past few years,
Saskatchewan, Alberta, and Newfoundland and Labrador thrived as their
primary resources were in high demand and fuelled solid economic
growth," said Marie-Christine Bernard, Associate Director, Provincial Forecast. "However, the prospect of a
stronger U.S. economy will now help boost exports and improve the
outlook for other provinces over the next two years."
• Alberta will have the fastest growing provincial economy in 2014.
• Alberta has been the largest contributor to economic growth in Canada
for three consecutive years, outpacing the much larger economies of
• B.C. is expected to lead economic growth among the provinces in 2015,
with a projected increase of 3.1 per cent.
Despite the damage caused by the severe floods in June, Alberta's
economy has grown at a fast pace in 2013 and economic conditions are
extremely favourable heading into 2014. Buoyed by investment in the oil
sands and a very strong labour market, Alberta's real gross domestic
product (GDP) is forecast to expand by a robust 3.4 per cent in 2014.
Strong gains in the primary sector, a rebound in construction, and
improved job creation will help lift British Columbia's real GDP by 2.7
per cent in 2014.
Following an estimated four per cent gain in 2013, Saskatchewan's
booming economy can expect to cool next year. Weaker prices will hold
back potash production increases and lower the province's economic
growth to 2.3 per cent in 2014, in line with Canada's growth.
Manitoba's economy will expand by two per cent in 2014, fuelled by
better performances in the province's goods and services industries,
along with strong job growth and gains in personal disposable income.
Newfoundland and Labrador's real GDP growth will slow from a
nation-leading six per cent in 2013 to 1.8 per cent in 2014. A much
smaller increase in oil production and the completion of construction
work on Vale's Long Harbour project will limit economic growth in the
The economic outlook for Central Canada and some of the Atlantic
provinces is set to improve in 2014. Stronger growth in the U.S.
economy will help improve export volumes and the manufacturing sectors
in many regions.
A partial recovery in exports and strong growth in the commercial and
financial services will help boost Ontario's economy. The province's
economic performance is expected to be more in line with the national
average in 2014, with real GDP forecast to grow by 2.2 per cent.
Quebec's economy will grow by 2.1 per cent in 2014, more than double
this year's pace, due mainly to an increased willingness by consumers
and businesses to spend.
Mining activity in New Brunswick is expected to pick up as new metal
mines come into production in 2014-15, providing a boost to the
province's economy. Overall, real GDP growth in the province is
expected to be 1.6 per cent in 2014.
With the new Deep Panuke offshore natural gas field set to begin
production and better growth prospects in the forestry and
manufacturing sectors, Nova Scotia's economy is forecast to grow by 2.8
per cent in 2014.
Prince Edward Island had some of the strongest economic growth among all
the provinces in 2013. However, a decline in private investment and
ongoing fiscal restraint by the provincial government, will limit
growth to just 1.3 per cent in 2014.
SOURCE: Conference Board of Canada
For further information:
Yvonne Squires, Media Relations, Tel.: 613- 526-3090 ext. 221