Economy looking strong as provincial gap narrows

The Canadian economy is expected to end the year with growth of 3.1% with some positive expansion of regional economies.

BMO’s Blue Book forecasts 2017 to match the strongest growth in Canadian GDP since the financial crisis and some positive trends for the provinces.

"The big story at the regional level is a narrowing gap between the best and worst performers, as the recession fades in oil-producing provinces, while British Columbia and Central Canada should moderate after a few years of blistering growth," said Robert Kavcic, Senior Economist, BMO Capital Markets.

Leading the predicted growth is Alberta at 4.1% while BC and Ontario should expand by around 3%. Growth should be around 2.7% for Quebec; just over 2% for Manitoba; almost 2% for Nova Scotia and PEI; 1.7% for Saskatchewan; and 1.5% for New Brunswick.

Newfoundland & Labrador is set to contract by 2% though as major spending projects reach completion.

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