Vancouver to have fastest growing economy in Canada this year: report

The fastest growing city in Canada this year from an economic standpoint is expected to be Vancouver, projects a new report by the Conference Board of Canada.

“Vancouver’s economy is on track to extend its streak of strong growth this year. In fact, 2015 will mark the fifth time in the past six years that growth in the region has topped 3 per cent,” said Alan Arcand, Associate Director, Centre for Municipal Studies, in a statement.

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“The manufacturing sector will lead the way this year, but widespread gains are expected across all sectors of the city’s economy.”

Overall, GDP in Vancouver is expected to grow by 3.4 per cent this year. The report says manufacturing is the biggest reason why, climbing by 8.6 per cent – but exports are projected to increase as well because of the lower dollar.

Virtually every other major city in Canada is expected to grow between one to three per cent in GDP this year.

However, Calgary’s GDP is predicted to drop by 0.5 per cent, and Edmonton by 0.1 per cent, due to the drop in oil prices.

Victoria’s GDP is also expected to rise by 1.4 per cent.