Conference Board says provincial economic growth will rise in 2015
Ontario's economy expected to pick up next year to 2.6 per cent, according to Conference Board outlook
OTTAWA, Ont.—The Conference Board of Canada says provincial growth is headed in the right direction in 2015 after a difficult year for most in terms of job creation and business investment.
In its provincial outlook, the think-tank forecasts the Canadian economy will grow by 2.6 per cent in 2015, up from 2.2 per cent this year.
Newfoundland and Labrador will lead the country with its real gross domestic product (GDP) growing 3.4 per cent, slightly ahead of Alberta (3.3 per cent) and Manitoba (three per cent).
The report said Manitoba will benefit from metal mining and increased construction, while the energy sector will continue to help drive Alberta’s economy.
The oil sector will fuel growth in Saskatchewan of about 2.4 per cent, but the economy will be muted by lower yields in agriculture.
After years of trailing the national average, it expects Ontario’s economy will pick up next year to 2.6 per cent, the same as British Columbia.
New Brunswick, which hasn’t growth at all since 2008, should see its real GDP expand 1.6 per cent due to improvements in the forestry sector.
That would put it just behind Quebec, which is forecast to grow two per cent on gains in the manufacturing and transportation sectors.
Prince Edward Island and Nova Scotia are each expected to grow by about 2.3 per cent.