Provincial growth heading up in 2015

Conference Board report forecasts Canadian economy will grow by 2.6 percent in 2015

December 1, 2014
by The Canadian Press

OTTAWA—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 released November 28, the board forecasts the Canadian economy will grow by 2.6 percent in 2015, up from 2.2 percent this year.

Newfoundland and Labrador will lead the country with its real GDP growing 3.4 percent, slightly ahead of Alberta (3.3 percent) and Manitoba (3.0 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 percent, 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 percent, the same as British Columbia.

New Brunswick, which hasn’t growth at all since 2008, should see its real GDP expand 1.6 percent due to improvements in the forestry sector.

That would put it just behind Quebec, which is forecast to grow two percent on gains in the manufacturing and transportation sectors.

P.E.I. and Nova Scotia are each expected to grow by about 2.3 percent.