Alberta to again lead nation in growth: TD

Economy lost 68,000 jobs in May The TD Bank says persistently strong oil prices are giving the economies of resource-rich prairie provinces a turbo-boost. The bank says in a new provincial economic outlook that Alberta will grow a robust 3.6% this year, well above the 2.2 average for the country. That’s also a full point more than previously expected in the bank’s January forecast. TD says the impetus is a changed outlook for oil prices, with global crude now anticipated to average about US$100 a barrel for the rest of the year. Saskatchewan will also benefit, but to a lesser extent, and will see its economy expand by 3.1%. According to the bank, Alberta and Saskatchewan will be the only provinces in Canada to enjoy growth rates above three per cent in 2012, a feat they will repeat in 2013. TD upgraded its growth forecast for the nation last month. Monday’s report is a provincial breakdown of the previous national outlook. The details show the East-West divide in the economy not only continuing, but widening. Alberta’s lead is 1.1 percentage points above any non-oil resource province, with Prince Edward Island coming in a distant third on the provincial ratings on growth of 2.5% this year. The most populous provinces, Quebec and Ontario, will continue to struggle with growth rates of 2.0 and 2.1% respectively in 2012, and only slightly better in 2013. New Brunswick and Nova Scotia will trail the nation in growth this year at 1.7 and 1.8% respectively. Forecast growth rates for other provinces in 2012 were: British Columbia (2.1), Manitoba (2.1), and Newfoundland (2.4). Share this article and your comments with peers on social media Stagflation is U.S. economists’ biggest fear, SIFMA says Keywords Provinces,  Economic forecasts OECD raises outlook for Canadian economic growth this year Related news Facebook LinkedIn Twitter Canadian Press read more