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Location: The Evil Empire
Location: The Evil Empire
February 20th, 2006, 02:32 PM
Newfoundland and Labrador to lead economic growth this year: Conference Board
OTTAWA (CP) - Newfoundland and Labrador will lead the provinces in economic growth this year after ranking at the bottom in 2005 and Alberta and British Columbia will enjoy another year of strong expansion, the Conference Board said Monday.
But Ontario, Quebec and the Maritimes will continue to suffer from the strong Canadian dollar, the Ottawa think-tank said in its quarterly outlook. "Not all provinces are being lifted by the rising tide of high commodity prices," observed Marie-Christine Bernard, associate director of the Conference Board's provincial outlook.
"Surging global demand will benefit resource-rich provinces, but the continued strength of the loonie will constrain provincial economies that are manufacturing-and export-driven."
The Conference Board says a full year's production at the White Rose offshore oil project and Voisey's Bay nickel mine will lift Newfoundland and Labrador's real gross domestic product by 6.4 per cent this year. This is expected to slow to 1.5 per cent in 2007 as mining production stabilizes.
Alberta's economy is expected to grow by more than four per cent for the third consecutive year, while British Columbia eases slightly to 3.3 per cent, still riding its construction boom.
Manitoba and Saskatchewan are forecast to have stronger agriculture sectors as grains rebound from a poor 2005 and cattle exports increase to the United States.
Manitoba's growth for 2006 is predicted to expand by three per cent while Saskatchewan adds 2.4 per cent.
Ontario, still adjusting to the strong Canadian dollar and high commodity prices, is seen growing at 2.7 per cent, supported by business investment and consumer demand.
Quebec "must contend with weakening consumer demand and new housing construction, and the export-driven manufacturing sector still faces challenges," the Conference Board said, predicting 2006 growth of 2.2 per cent.
The report foresees growth of 2.4 per cent in New Brunswick, 2.2 per cent in Nova Scotia and 2.1 per cent in Prince Edward Island.
Link
Newfoundland and Labrador to lead economic growth this year: Conference Board
OTTAWA (CP) - Newfoundland and Labrador will lead the provinces in economic growth this year after ranking at the bottom in 2005 and Alberta and British Columbia will enjoy another year of strong expansion, the Conference Board said Monday.
But Ontario, Quebec and the Maritimes will continue to suffer from the strong Canadian dollar, the Ottawa think-tank said in its quarterly outlook. "Not all provinces are being lifted by the rising tide of high commodity prices," observed Marie-Christine Bernard, associate director of the Conference Board's provincial outlook.
"Surging global demand will benefit resource-rich provinces, but the continued strength of the loonie will constrain provincial economies that are manufacturing-and export-driven."
The Conference Board says a full year's production at the White Rose offshore oil project and Voisey's Bay nickel mine will lift Newfoundland and Labrador's real gross domestic product by 6.4 per cent this year. This is expected to slow to 1.5 per cent in 2007 as mining production stabilizes.
Alberta's economy is expected to grow by more than four per cent for the third consecutive year, while British Columbia eases slightly to 3.3 per cent, still riding its construction boom.
Manitoba and Saskatchewan are forecast to have stronger agriculture sectors as grains rebound from a poor 2005 and cattle exports increase to the United States.
Manitoba's growth for 2006 is predicted to expand by three per cent while Saskatchewan adds 2.4 per cent.
Ontario, still adjusting to the strong Canadian dollar and high commodity prices, is seen growing at 2.7 per cent, supported by business investment and consumer demand.
Quebec "must contend with weakening consumer demand and new housing construction, and the export-driven manufacturing sector still faces challenges," the Conference Board said, predicting 2006 growth of 2.2 per cent.
The report foresees growth of 2.4 per cent in New Brunswick, 2.2 per cent in Nova Scotia and 2.1 per cent in Prince Edward Island.
Link
