OTTAWA, May 28, 2015 /CNW/ - Nova Scotia, Prince Edward Island, and New Brunswick continue to show economic improvement, according to The Conference Board of Canada's Provincial Outlook: Spring 2015.
"The Maritime provinces are seeing growth in construction, housing starts, and manufacturing," said Marie-Christine Bernard, Associate Director, Provincial Forecast. "Employment opportunities are also increasing, and we are seeing good economic growth in all three provinces."
- Real GDP is expected to advance by 1.5 per cent in Nova Scotia, 2.7 per cent in Prince Edward Island, and 2.3 per cent in New Brunswick in 2015.
- Prince Edward Island's strong economy and tighter government spending brings it within reach of achieving its goal of fiscal balance for 2015–16.
- New Brunswick and Nova Scotia will overcome their recent economic weakness and post good growth, particularly in the manufacturing sector.
Nova Scotia's gains over the next two years will be broad-based, coming from a number of key sectors. The manufacturing sector will benefit from better conditions in the U.S. and from the work getting under way at the Halifax Shipyard on the building of Arctic patrol vessels. Construction on the Nova Centre and King's Wharf projects in Halifax, combined with an expected rebound in housing starts this year, will keep the province's construction industry busy over the next two years. However, taking away from growth will be natural gas production, which is expected to decline over the next two years. All in all, real gross domestic product (GDP) in Nova Scotia is forecast to rise by 1.5 per cent in 2015 and 2.1 per cent in 2016.
The Prince Edward Island economy is performing well. Strength in key industries in the primary, manufacturing, construction, and service sectors will help lift real GDP growth to 2.7 per cent in 2015—better than the national average. The economy will continue to benefit from the lower Canadian dollar and strength in the U.S. economy in 2016, when real GDP growth is expected to advance by 2.1 per cent.
The economy of New Brunswick is starting to look brighter, with both the goods- and services-producing industries expected to see better growth this year and next. The mining sector will also provide a boost to growth as potash production increases and Trevali's Caribou mine reopens. The forestry industry will benefit from strength in the U.S. housing market, an increase in the allowable annual softwood cut on Crown land, and the J.D. Irving mill upgrades. Overall, real GDP is expected to advance by 2.3 per cent this year and 2.6 per cent in 2016.
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SOURCE Conference Board of Canada
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