Provincial Outlook

Booming global commodity markets will fuel tremendous activity in the primary sector.

Restrictions will soon be out of the picture—if they’re not already—and barring any new threatening coronavirus variants, the economic recovery will become more complete from coast to coast, spreading to hard-hit close-contact service industries.

While the pandemic still poses a significant risk to all provincial economies, the recovery is proceeding generally well. – RBC Economics

At the height of the pandemic, seven of ten Canadian provinces projected record deficits. As the dust settles, it has become evident that FY 2020-21 turned out to be less grim than previously expected. Final numbers for the provinces that have reported them show smaller-than-projected deficits. Ontario’s final deficit was $16.4 billion, less than half […]

Despite the third wave causing greater-than-expected disruptions this spring, the economic recovery remains on track across Canada's provinces.

RBC Economics expects growth to return in a big way in every province this year, supporting a half-century-high growth rate of 6.3% nationwide.

The recovery across Canada's provinces has been stronger than expected with Quebec leading the way at a projected growth rate of 6.5% in 2021.

The beginning of 2021 will be turbulent but mass vaccination brightens the outlook for all provincial economies.

Each province is facing an unprecedented decline in activity this year. The good news is the worst of the shock could be behind us.

The pace of the recovery will be uneven across the country and reopening process will set the stage for a meaningful economic recovery.

RBC Economics projects provincial recessions ranging from -4.8% to -11.2% in 2020; however, the good news is the recovery phase is upon us.

The economic impact of the pandemic will be widespread across the country irrespective of the number of cases in each province.