Paul Martin's Business Update - April 23rd, 2014

Paul Martin's Business Update - April 23rd, 2014

Despite lower numbers overall, an updated forecast from the economists at ScotiaBank on the outlook for the Saskatchewan economy carries an upbeat tone that looks at us from a few angles that we don’t usually see in these reports.

The banks generally update their provincial forecasts on a quarterly basis and ScotiaBank is the latest to jump into the fray. They say the province will see growth of roughly 2.5 per cent this year and slightly better numbers next year.

The bank noted the rapid population growth as a key contributor as more people moving to the province – particularly from overseas - leads to more housing construction and fills the needs of employers. But they also note that Saskatchewan and Alberta were the only provinces to generate positive inter-provincial migration as well.

Exports have also done very well and Asia is fastest growing customer. The bank compared shipments last year to the beginning of the century and the primary gains were in sales to China, India and Indonesia as well as the US. On the other hand, Africa, the Middle East, Latin America and Europe dropped over that period.

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