A new forecast from the Royal Bank suggests Alberta will be the country’s economic hot spot this year.
The bank predicts the Alberta economy will grow by a robust 3.7% this year, and by 3.5 per cent in 2015– more than any other province.
RBC expects employment in Alberta will grow by 2.9% this year–the same as in 2013 but about three times the national average.
Overall, RBC predicts the Canadian economy will grow by 2.4% this year, and by 2.7% next year, thanks in part to a strengthening U.S. economy and a lower loonie.
RBC also says Ontario will see an export-led revival to 2.3% growth this year–the second-highest rate in the country–after advancing by a weak 1.3% the previous two years.
Surprisingly, Saskatchewan’s economy is projected to slow to 1.4% growth after a 4.5% surge in 2013 due to what the bank says is a reversal in the agriculture boom the province enjoyed last year.
Other projected growth rates include Nova Scotia at 2.2%, Manitoba and B.C. at 2.1% each, then Quebec at 1.9%, PEI at 1.4%, New Brunswick at 1% and Newfoundland at 0.6%.