Gdp Of New Brunswick: Insights

New Brunswick, one of Canada's thirteen provinces and territories, had a GDP of 34.79 billion chained 2017 Canadian dollars in 2023. This figure represents a slight decrease from the province's 2019 output of CA$38.236 billion. New Brunswick's GDP is expected to grow by 1.1% in 2024, and the province forecasts a surplus of $40 million (0.1% of GDP) for the 2024 fiscal year. The province's healthy fiscal situation is characterised by a low debt-to-GDP ratio and a modest surplus over the last decade, despite the pandemic's negative impact on government finances nationwide.

New Brunswick's GDP in 2023 was 34.79 billion Canadian dollars

Secondly, the GDP composition provides insights into New Brunswick's economic structure. In 2002, the provincial GDP was derived mainly from services (about half of which were government services and public administration), contributing 43% to the total GDP. Other significant sectors included construction, manufacturing, and utilities (24%); real estate rental (12%); wholesale and retail (11%); and agriculture, forestry, fishing, hunting, mining, oil, and gas extraction (5%). Tourism also plays a vital role, accounting for 9% of the labour force, either directly or indirectly.

Moreover, New Brunswick's GDP has a notable impact on Canada's overall economy. In 2019, the province's output was CA$38.236 billion, contributing 1.65% to Canada's GDP. This contribution is essential, especially considering the province's relatively small population of 775,610 inhabitants as of the 2021 census.

Additionally, New Brunswick's economic health is reflected in its fiscal position. The province recorded a surplus of about 0.5% of GDP in the FY 2023/24 and is expected to maintain small surpluses in the upcoming years. This positive fiscal situation is noteworthy, especially when compared to the financial challenges faced by other provinces and the impact of the pandemic on government finances across the country.

Finally, New Brunswick's GDP growth has implications for its future economic prospects. While the province forecasts a slight slowdown in real GDP growth in 2024, it is expected to accelerate again in 2025. This projection is supported by anticipated gains in revenue, primarily from personal and corporate income taxes, as well as the HST. However, there is a potential downside to these projections, especially in 2025, if economic growth is lower than expected.

The province's GDP in 2019 was CA$38.236 billion

New Brunswick's GDP in 2019 was CA$38.236 billion, which is impressive considering the province was one of the poorest regions of Canada from the mid-1900s onwards. This economic turnaround is due in part to transfer payments and a significant eastward migration to the province.

In 2002, the provincial GDP was derived as follows: services (about half of which were government services and public administration) 43%; construction, manufacturing, and utilities 24%; real estate rental 12%; wholesale and retail 11%; agriculture, forestry, fishing, hunting, mining, oil and gas extraction 5%; and transportation and warehousing 5%.

A powerful corporate concentration of large companies in New Brunswick is owned by the Irving Group of Companies, which has a significant impact on the province's economy. In addition, tourism accounts for 9% of the labour force, either directly or indirectly.

New Brunswick's GDP in 2019 represented 1.65% of Canada's total GDP, demonstrating the province's economic contribution to the country. The province's fiscal situation remains healthy, with a projected surplus for the 2023/24 fiscal year and a debt-to-GDP ratio lower than that of several other provinces.

New Brunswick's GDP is projected to slow in 2024

In 2023, New Brunswick recorded a solid fiscal situation with a FY 2023/24 surplus of about 0.5% of GDP and a debt-to-GDP ratio lower than several other provinces. However, the surplus is expected to narrow in 2024 as revenue gains are met with robust program spending growth. New Brunswick expects to maintain small surpluses over the next few years, but this relies on strong economic growth being maintained. There are some downsides to these projections, especially in 2025, if economic growth does not meet expectations.

The province's 2024 budget reflects a focus on education and social development, with a projected FY 24/25 surplus of $41 million. New Brunswick's economy is heavily dependent on its key manufacturing industry, which contributes significantly to its GDP. However, the external economic backdrop has taken a toll on the province's exports, with a 10% drop in nominal exports in 2023. Manufacturing sales are also lagging, with a fifth consecutive quarterly decline expected in 2024.

Despite the projected slowdown, New Brunswick's economy has some positive indicators. The province has experienced record-setting population growth, which has contributed to better spending and employment numbers. Additionally, New Brunswick households carry the least debt relative to incomes among their Canadian counterparts, shielding consumers from the impact of higher borrowing costs. The job market in the province is also expected to remain strong, particularly in public services, with relatively high job vacancy rates.

In summary, while New Brunswick's GDP growth is projected to slow in 2024, the province maintains a healthy fiscal position with a focus on education and social development. The economy faces challenges in exports and manufacturing sales, but benefits from strong population growth and a favourable job market. The province's economic outlook for 2024 is cautious, with a focus on maintaining small surpluses and managing government spending.

The province's GDP is largely derived from services, construction, manufacturing, and utilities

The GDP of New Brunswick in 2022 was 2.34 billion chained 2012 Canadian dollars. The province's GDP is largely derived from services, construction, manufacturing, and utilities, which together accounted for 24% of the provincial GDP in 2002.

The services sector, which includes government services and public administration, contributed the most to the GDP at 43%. This includes areas such as health care, social assistance, educational services, finance and insurance, transportation and warehousing, and professional and technical services.

The construction industry in New Brunswick generated 2.34 billion chained 2012 Canadian dollars in 2022. This sector involves the building of structures like houses, buildings, and infrastructure.

The manufacturing sector in New Brunswick includes industries such as textile manufacturing, iron mills, pulp and paper mills, and food processing.

Utilities in New Brunswick include power generation and distribution, with NB Power operating 13 of the province's generating stations.

New Brunswick's GDP is about 1.65% of Canada's total GDP

The province's economic growth is supported by its solid fiscal position, with a FY 2023/24 surplus of about 0.5% of GDP and a debt-to-GDP ratio lower than that of several other provinces. New Brunswick's net debt-to-GDP ratio is expected to remain flat at 26.7% in the 2024 fiscal year. The province's low debt burden places it in a favourable position compared to other parts of Canada.

New Brunswick's GDP growth is driven by various sectors, including services, construction, manufacturing, real estate, wholesale and retail, and agriculture, forestry, fishing, hunting, mining, oil, and gas extraction. Tourism also contributes to the province's economy, accounting for 9% of the labour force directly or indirectly. The province's GDP growth is expected to be maintained by robust expense growth, particularly in education and social development, and a decent gain in revenues from personal and corporate income taxes, as well as the HST.

New Brunswick's GDP is a significant contributor to Canada's economy, and the province's healthy fiscal situation is expected to continue in the coming years.

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