Paul Martin's Business Update - March 18th, 2014

Paul Martin's Business Update - March 18th, 2014

Despite challenges such as grain movement, the provincial economy is expected to grow in the 2.5% range this year. That is from a new forecast issued by BMO Bank of Montreal.

The bank’s economics unit also says next year should see slightly higher growth at 2.7 percent.

These are nothing like the growth figures we saw a few years back but represent growth-on-growth as we have not had a negative number is six or seven years. It also is the second best expansion rate in the country, behind only Alberta. As a result, they outpace the national average as well.

Along with the new forecasts, the bank has revised its figures for last year. They now are posting us at 3.5 per cent, higher than Alberta’s but second only to Newfoundland.

This growth will also trigger further strength in the labor market which should see expansion of 1.4 per cent this year, again the second best in the country.

In broad terms, this suggests the economy has found a steady rhythm, levelling out with continued growth that is stronger than most parts of the nation.

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