Economic growth expected for all four Atlantic provinces in coming year

HALIFAX – A new study says the economic outlook for the Atlantic provinces remains positive for the remainder of 2019 and next year.

The independent Atlantic Provinces Economic Council says Prince Edward Island will once again lead the region in economic growth, with the Island’s real gross domestic product expected to rise by 2.8 per cent in 2020.

The Island’s economy, which has been on a tear for a number of years, is expected to grow by 3.0 per cent in 2019, thanks mainly to gains in household spending, manufacturing and exports.

Newfoundland and Labrador’s real GDP is expected to grow by 2.7 per cent in 2019, mainly because of stronger oil production and mining — a trend that is expected to continue in 2020, when the growth rate is forecast to reach 2.4 per cent.

By comparison, Nova Scotia’s economy is expected to grow at a similar rate —2.2 per cent in 2019 and 2.4 per cent in 2020, as gains are expected in wages, major project investment, manufacturing and exports.

New Brunswick is expected to record the weakest growth at 1.0 per cent in 2019 and 1.4 per cent the following year.

This report by The Canadian Press was first published Nov. 4, 2019.