Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.
Which Province Will Grow the Fastest This Year?Friday, July 08, 2011 > 10:08:14
CBC News – The Financial Post)
According to the Bank of Nova Scotia’s latest provincial outlook, average growth rates for Canada’s provinces for 2011/12 stack up as follows:
• British Columbia, 3.0%
• Alberta, 3.7%
• Saskatchewan, 3.5%
• Manitoba, 2.5%
• Ontario, 2.3%
• Quebec, 2.4%
• New Brunswick, 1.9%
• Nova Scotia, 1.9%
• Prince Edward Island, 2.1%
• Newfoundland & Labrador, 3.3%
The bank said production disruptions caused by Japan’s early year disaster should be recouped in the second half of the year, but Canada still faces a number of challenges that will likely keep growth on a relatively modest upward track.
“Record household debt levels, high food and gas prices and a cooling housing market have begun to moderate consumer spending,” said Alex Koustas, Economist for Scotia Economics. “Meanwhile, government stimulus spending is winding down, and will likely act as a drag on growth in 2012 as fiscal shortfalls are addressed. In this environment, exports and business investment will be the key drivers of growth.”
As usual Western provinces, along with Newfoundland and Labrador, are expected to outperform the rest of Canada. Central Canada has shown significant progress, with a restructured manufacturing sector displaying solid performance and an increased range of services providing potential for stronger future gains, Mr. Koustas said in his report. The performance in Atlantic Canada is expected to be mixed. Increased investment in the resource sector will support strong growth in Newfoundland and Labrador, while the Maritime provinces will be challenged by sluggish employment performance and fiscal restraint.