Economic outlook brightens for Ontario, Maritime provinces
- May 28, 2015
Despite the economic uncertainty many of Canada's provinces have faced in the past year, Ontario and the Maritime provinces are expected to grow in 2016, according to the Conference Board of Canada's Provincial Outlook Spring 2015.
Ontario got off to a weak start in 2015, but real GDP is expected to pick up and is forecast to expand by 2.6 per cent in 2015 and 2.3 per cent in 2016, according to the report.
And in the Maritimes, Nova Scotia, Prince Edward Island and New Brunswick are all expected to see real GDP advance in 2015 by 1.5 per cent, 2.7 per cent and 2.3 per cent respectively.
"Ontario has not performed up to expectations, but the outlook over the short term remains positive, as strength in the United States economy will help bolster the province," says Marie-Christine Bernard, associate director, provincial forecast. "Along with exports, consumer spending will continue to increase at a good pace in Ontario, fuelled by improving consumer confidence."
In the Maritimes, Bernard says the provinces are seeing growth in manufacturing, construction and housing starts. "Employment opportunities are also increasing, and we are seeing good economic growth in all three provinces," she says.