2006 Economic Summary - Canada Surpasses Expectations

The Canadian Economic Observer has released their summary report on Canada's economy for the year 2006. Its findings emphasize the ability of Canadians to adapt in this time of rapid change. The report states that Canada's economic strength and stablilty is shaped largely by this ability to adapt and cites the migration of people to a booming Alberta from other provinces as a standout example of such adaptation.

Many experts had predicted an economic fall-out after the growth of 2005. However, the anticipated threats, including a slumping housing market, rising exchange rates, Middle-Eastern instability and the high-tech burst, failed to trigger a recession in the country. This was due, in large part, to the countering effects of a booming resource sector- most notably the oil sands in Alberta. The provinces 2005 economic surge spilled across into the other provinces for 2006.

The continued stregth of Alberta attracted over 57,000 migrants from across Canada. The province had the lowest unemployment rate at 3.4%. British Columbia also experienced significant economic growth, boasting a competitive unemployment rate as well (under 4%). Pressures on the labour market were also eased by the increase in women and youth entering the labour force in 2006.

Source: http://www.statcan.ca/Daily/English/070412/d070412a.htm

The full report can be seen at: http://www.statcan.ca/english/freepub/11-010-XIB/00407/current.htm