New Brunswick economy continued to grow in 201602 May 2017
FREDERICTON (GNB) – A report from Statistics Canada has reaffirmed the province’s economic performance, marking two consecutive years of growth. The agency estimates that, in 2016, real gross domestic product (GDP) for New Brunswick expanded by 1.4 per cent.
“Our government is seeing positive, tangible economic results,” said Finance Minister Cathy Rogers. “The Statistics Canada report reaffirms that our fiscal plan is working and that our economy is headed in the right direction, with our second successive year of solid growth.”
The report indicates the province’s real GDP growth rate exceeded the national average, and surpassed the 0.4 per cent growth projected by the government and economic analysts when the 2017-18 budget was released. This follows growth of more than two per cent in 2015.
The provincial government committed to a multi-year plan to improve the province’s finances and return to balanced budgets by 2020-21.
Since 2014, the government has cut the province’s deficit in half, and is on track to eliminate the deficit by the 2020 budget. New Brunswick has seen economic growth hit a 10-year high in 2015, with projections of continued growth. In addition, the government supported the creation of almost 10,000 jobs since 2014, while employment has increased by almost 5,400 compared to the opening months of 2016.02-05-17