British Columbia's economy to top the podium in 2010
"Most provinces are still struggling to exit the recession. The Maritimes and Manitoba have avoided the boom-bust cycle, and
British Columbia's economy is expected to decline by two per cent in 2009, but a recovery is expected to begin in the second half of the year. Real gross domestic product (GDP) is forecast to grow by 4.2 per cent in 2010, due to a comeback in the construction sector, recoveries in forestry and manufacturing, and hosting the Winter Olympic Games.
Potash production in Saskatchewan is down by almost 65 per cent since the start of the year, leading to a decline of 2.6 per cent in real GDP. But potash production is expected to rebound next year, and the Saskatchewan economy is forecast to grow by 3.7 per cent in 2010.
Many of Ontario's industries are still struggling, but growth in the province's economy is expected in the second half of 2009. Public infrastructure spending is playing a large role in the recovery. After contracting in 2008 and 2009, real GDP is forecast to grow by 3.2 per cent in 2010.
Alberta's economy suffered badly during the recession, but higher oil prices will spur oil sands development in 2010, benefitting the manufacturing and services sectors. After declining by 2.6 per cent in 2009, Alberta's real GDP is forecast to grow by three per cent next year.
The Maritime Provinces and Manitoba avoided recession altogether this year, but their recoveries in 2010 will be modest compared to other provinces. Manitoba's economy will grow by 0.5 per cent in 2009, thanks largely to a strong construction sector. Aided by gains in the service sector, growth of 2.5 per cent is forecast next year.
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Due largely to public spending,
Sharp declines in forestry, mining and manufacturing will send Newfoundland and Labrador's economy tumbling by 3.6 per cent in 2009. In 2010, declining offshore oil production and weaker construction activity will lead to a further decline of 0.5 per cent in real GDP.
For further information: Brent Dowdall, Media Relations, Tel.: (613) 526-3090 ext. 448, E-mail: [email protected]
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