Vancouver's Growth Set To Slow down


Vancouver, which posted decent economic growth in 2010 and 2011, will see its rate of expansion cool this year, according to a report released Tuesday.

The city's gross domestic product will rise by 2.5 per cent this year, down from the 3.1-per-cent growth it enjoyed in 2011, the Conference Board of Canada's report said.

"However, with stronger employment and income growth this year and a rebound in construction activity next year, real GDP is fore-cast to rise by 3.7 per cent in 2013," the board said.

Prairie cities, supported by the wealth of natural resources in their provinces, will see economic growth this year that easily out-paces most other places in Canada, the report said.

It said Saskatoon would lead the country with growth of 3.6 per cent this year. Regina, too, should see growth of 2.7 per cent as Saskatchewan continues to enjoy booming potash and oil industries, the report said.

"Saskatchewan's mining sec-tor continues to forge ahead, with expansion of 5.8 per cent and 7.7 per cent forecast this year and next," the board said.

In Alberta, home of the oilsands, Calgary is expected to see growth of 3.5 per cent, and Edmonton 3.2 per cent.

With federal government cuts expected to be detailed in this week's budget, Ottawa-Gatineau is forecast by the conference board to see economic growth of just 1.6 per cent this year.

Toronto's expected to see growth of 2.3 per cent, Montreal 1.7 per cent, Victoria 1.6 per cent and Winnipeg 2.4 per cent.

All that compares with the board's forecast of national economic growth this year of 2.1 per cent.

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