Immigration.ca - Canada Immigration News - April 2007
Once again, oil drove Alberta's economy ahead of all other provinces in 2006, according to Statistics Canada. High oil prices and the strong performance of the Canadian dollar are key factors in this trend.
The Alberta economy grew 6.8%. Coming in second at 3.6% was British Columbia, followed by Manitoba at 3.3%. Ontario and Quebec, Canada's most poplulous provinces, experienced a significantly smaller amount of growth in comparison. Yet, experts note, there still was some growth despite challenges.
Ontario and Quebec rely heavily on the strength of the manufacturing industry which drastically slowed last year. This would normally have stifled economic growth but figures showed 1.9% growth in Ontario and 1.7% growth in Quebec. The manufacturing industry felt the effects of a significant drop in exports last year due to the strength of the Canadian dollar. This drop, however, was offset by increased domestic spending, low unemployment and rising salaries, according to economist Derek Burleton.
Financial experts anticipate less disparity in provincial economies for 2007.
Sources:
http://www.canada.com/montrealgazette/news/business/story.html?id=804a6edf-5b05-4fff-80ea-e05a1721e110
http://www.canada.com/montrealgazette/news/business/story.html?id=f57357f6-ed39-4c69-b9b1-1fead053fd8c
