Canadian Manufacturing

TD: provincial economic growth will be weaker in 2012 than previously thought

Bank says change due to weaker economies abroad, more caution in Canadian households

TORONTO—TD Bank has lowered its estimates for 2012 economic growth in most of Canada’s provinces.

It now expects annual growth in Alberta and Saskatchewan this year will come in below three per cent.

In the other eight provinces, TD is estimating 2012 growth will be less than two per cent.

In most provinces, the new TD estimate is below the outlook it issued in July, with the exception of Manitoba and Prince Edward Island.

The bank attributes the change in this year’s outlook to weaker economies abroad and more caution in Canadian households than anticipated.

TD adds that its forecasts for 2013 and 2014 are looking more positive, although it expects growth will continue to be modest.

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