Statistics Canada has released the November edition of Canadian Economic News which provides a concise summary of selected Canadian economic events, as well as international and financial market developments by calendar month. It is intended to provide contextual information only to support users of the economic data published by Statistics Canada. Here are some of the highlights:

  • The Government of Canada tabled the 2022 Fall Economic Statement on November 3rd, which included investment in workers, a plan to increase immigration targets, protecting the rights of road transportation workers, launching the Canada Growth Fund, and an investment tax credit for clean technologies and for clean hydrogen. The Government forecasts a $36.4 billion deficit in 2022-2023 and real GDP growth of 3.2% in 2022 and 0.7% in 2023.
  • The Government of Ontario released the 2022 Ontario Economic Outlook and Fiscal Review on November 14th, which included tax relief for small businesses and persons with disabilities, investing in the Skills Development Fund and low income seniors, and extending the cuts to the gas tax and fuel tax rates. The Government forecasts a $12.9 billion deficit in 2022-2023 and real GDP growth of 2.6% in 2022 and 0.5% in 2023.
  • The Government of Alberta released its 2022-23 Mid-year Fiscal Update and Economic Statement on November 24th. The Government forecasts a $12.3 billion surplus in 2022-2023 and real GDP growth of 4.8% in 2022 and 2.7% in 2023.
  • The Government of Saskatchewan announced on November 1st it had introduced the Saskatchewan First Act which amends the Constitution of Saskatchewan to confirm Saskatchewan’s sovereign autonomy and asserts Saskatchewan’s exclusive legislative jurisdiction under the Constitution of Canada over a number of areas, including:
    • the exploration for non-renewable natural resources;
    • the development, conservation and management of non-renewable natural and forestry resources; and,
    • the operation of sites and facilities for the generation and production of electrical energy.

To read the full release, visit the Statistics Canada website. 

Source: Statistics Canada