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Resource Rich Provinces Lead Canadian Economic Growth: RBC Economics

  • Saskatchewan, Newfoundland & Labrador, Alberta: firing on all cylinders
  • New Brunswick, Nova Scotia, Quebec: stuck in low gear

TORONTO, December 12, 2011— Canada's provincial economies remain largely on course, according to the latest RBC Economics Provincial Outlook report released today.

"The biggest differentiating factor for provincial growth next year will continue to be the dynamism of the natural resource sector," said Craig Wright, senior vice-president and chief economist, RBC. "Resources will continue to be a catalyst for increased capital investment and production in resource-heavy provinces like Saskatchewan, Alberta, and Newfoundland and Labrador."

 

Projected real GDP growth (%)

2011

2012

CANADA

2.3

2.5

Saskatchewan

4.5

4.2

Newfoundland & Labrador

4.4

2.8

Alberta

4.0

3.9

Manitoba

2.5

3.2

Prince Edward Island

2.2

1.9

British Columbia

2.1

2.3

Ontario

2.0

2.3

Quebec

1.4

1.8

Nova Scotia

1.3

1.6

New Brunswick

0.5

1.8

As outlined in the December issue of Economic and Financial Market Outlook, RBC assumes that European policymakers will be successful in containing global economic pressures going forward.

The full report and provincial details are available online as of 8 a.m. ET today at rbc.com/economics/market/pdf/provfcst.pdf.

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For more information, please contact:

Craig Wright, RBC Economics Research, (416) 974-7457
Robert Hogue, RBC Economics Research, (416) 974-6192
Elyse Lalonde, RBC Media Relations, (416) 974-8810

 

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