TD: provincial economic growth will be weaker in 2012 than previously thought

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This Sept. 19, 2011 aerial photo shows a tar sands mine facility near Fort McMurray, Alta. THE CANADIAN PRESS/Jeff McIntosh

TORONTO – TD Bank (TSX:TD) has lowered its estimates for 2012 economic growth in most of Canada’s provinces.

It now expects annual growth in Alberta and Saskatchewan this year will come in below three per cent.

In the other eight provinces, TD is estimating 2012 growth will less than two per cent.

In most provinces, the new TD estimate is below the outlook it issued in July, with the exception of Manitoba and Prince Edward Island.

The bank attributes the change in this year’s outlook to weaker economies abroad and more caution in Canadian households than anticipated.

TD adds that its forecasts for 2013 and 2014 are looking more positive, although it expects growth will continue to be modest.

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