Another of the major banks has issued its update on the outlook for the provincial economy. And this is probably evidence that not all economists think alike or, as one wag once said, it you put all the economists in the world end-to-end, it would come to no conclusion.
The team at TD Canada Trust has just released its update and suggests Saskatchewan’s annual growth this year and next will not reach the two-percent level. That would put us in the lower tier of provinces and it is a significant divergence from the forecast issued by RBC Royal Bank which has us at the top of the pile.
Nonetheless, TD says agriculture remains the bright spot in their outlook as global demand for food strengthens. And they note an increase in oil production and a growing rig count which will lead to further investment in the patch.
On the dark side, soft construction activity and a sluggish residential market could begin to improve but it has a ways to go while consumer spending is lacklustre with retail spending growth falling below the national average.