Forecast #2

Another of the major banks has issued its updated quarterly economic forecast for the province and this one, from ScotiaBank’s economics unit, is somewhat more muted than the first one to come out a few days earlier.

Scotia sees growth of 4.4 percent in Saskatchewan this year. That is three-quarters of a point stronger than the one we received from Royal Bank. However, Scotia is not so upbeat about the rebound we can expect next year….they see 3.6 percent while RBC had us nudging six. That is quite a spread.

And the difference may lay in the way the two looked agriculture. Scotia didn’t even mention the drought in their quarterly update. RBC led with that fact…something that will pullback the 2021 performance while setting the stage for a stronger rebound next year if growing conditions are more normalized.

Scotia, did though, highlight non-ag commodities noting that we have benefited from increased oil prices and output as well as increased potash mining and shipments alongside more activity in the uranium sector where prices are rising.