Moncton should boast the fasting growing economy this year, although it is only expected to expand by a modest 1.2 per cent, down from a solid 2.4 per cent gain in 2015.
However, growth in Saint John, New Brunswick is forecast to remain flat, while it is projected to reach a meagre 0.6 per cent in St. John’s, Newfoundland.
“The economies of Moncton and Saint John will be both hurt by declines in manufacturing and construction activity this year,” said Alan Arcand, Associate Director, Centre for Municipal Studies, The Conference Board of Canada. “St John’s economy, along with that of Newfoundland and Labrador as a whole, continues to be hit hard by weak prices for oil and other commodities.”
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Cities in Atlantic Canada are set for a weak economic period for the rest of this year according to the Conference Board of Canada.