Saskatchewan and Alberta poised to lead growth in Canada in coming years CanadiansInvest
OTTAWA – Canadian provinces will be seeing constrained economic performance throughout the remainder of 2022 and through to 2024, although at varying rates according to new research from The Conference Board of Canada. As highlighted in previous forecasts, Saskatchewan and Alberta are projected to lead real GDP growth among the provinces.
Alberta’s oil and gas sector had a challenging start to the year, but production rebounded significantly during the second quarter, and The Conference Board of Canada expects the industry’s output has continued to increase during the second half of the year, thanks in part to increased drilling activity. The sector is also responsible for Alberta’s fiscal turnaround this year, with the province now expecting a massive surplus thanks to higher-than-expected energy prices.
Prince Edward Island continues to face the highest inflation in the county, but that hasn’t impacted population growth which increased 3.5 per cent as of July 1, 2022. International migration has been a strong driver of population growth, followed by interprovincial migration. Real GDP growth for the province is projected to be 3.4 per cent this year, followed by 2.0 per cent next year and 2.43 per cent in 2024.
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