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New Brunswick witnessing positive economic trends

by ahnationtalk on August 4, 2016389 Views

03 August 2016

FREDERICTON (GNB) – New Brunswick’s economy grew last year at its fastest rate since 2010 and is showing signs of continued growth into 2016.

“Our government is working hard seeking opportunities to grow the economy and create jobs for New Brunswickers,” said Finance Minister Cathy Rogers. “The positive trends we are witnessing are a clear sign that our actions are working. With the comprehensive economic growth plan that will be released shortly, we will work with our partners to continue to grow our economy and move our province forward.”

The following economic trends are an indication of the steady gains in the New Brunswick economy over the last two years:

  • Average weekly earnings have increased by 2.7 per cent since 2014, compared to 1.8 per cent for Canada. New Brunswick is among the top two provinces in terms of growth over this period.
  • So far in 2016, average weekly earnings in New Brunswick are up 2.5 per cent compared to 0.3 per cent for Canada.
  • Retail sales have increased for 11 of the last 12 quarters, dating back to the first quarter of 2013.
  • 9.4 per cent growth retail sales gains for the first quarter of the year, the highest quarterly growth rate since the first quarter of 2010.
  • Statistics Canada recently issued the May results for retail sales, which are up seven per cent so far this year in New Brunswick. This compares to a growth rate of 4.8 per cent for Canada.
  • In 2015, retail sales topped $11.8 billion and are on pace to surpass $12 billion this year. By comparison, domestic exports were $12.2 billion in 2015.

“We are taking a balanced approach to address our province’s fiscal challenges, and the outcomes we have achieved so far are promising,” said Rogers. “We will continue to focus on getting our provinces finances back on track, while protecting education and health care and investing in job creation.”

The first quarter economic and fiscal update for 2016-17 will be released later this month, which will provide an update on the 2016 economic outlook.

Media Contact(s)

Meghan Wallace, communications, Department of Finance, 506-444-5070.

NT3

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