This is going to be a better year. And even better next.
That’s the basic theme of the latest provincial economic forecast issued by RBC Royal Bank. It says last year was a tough one. Growth barely made it over half a point but this year will see expansion of 1.2 percent and a further 1.9 next year. That will be enough to put us in the top three or four provinces, ahead of the national average.
The bank points to a number of factors in reaching its conclusions. Stronger demand and potash output this year will be a positive factor. This comes after a couple down years which also hit the oil and gas sector as well as uranium mining. While it says we can’t expect material pipeline expansion until next year, the signs are now pointing in the right direction.
The forecast is based on no changes in the trade situation with China so any improvement there will only make things better.
It also lauds the performance of employers saying job growth last year was the best we’ve seen in more than half a decade.
Source: https://royal-bank-of-canada-2124.docs.contently.com/v/provincial-outlook-december-2019
