2009 Planning Season Starts Soon

As we approach the typical planning season for many businesses, it was timely that the Conference Board of Canada just released its forecast for Gross Domestic Product percentage growth for the provinces in Canada in 2008 and 2009. These numbers will provide a key component of the macro environmental factors that business should take into account as they establish their marketing plans for 2009. Along with trends in demographics, socioculture, technology, regulatory, and nature, the economic trends going forward play a key role in determining the opportunities and threats for your business or client business in 2009.

So with this in mind lets look at the forecast for the provinces in the West, noting that the national economy is projected to grow only 1.7% in 2008 and 2.7% in 2009.

In 2008 Saskatchewan is picked to lead the West and Canada with a GDP percentage growth of 4.2%, followed by Manitoba at 3.6%, Alberta at 2.6% and BC at 2.2%. It is noteworthy that GDP growth is highest in all the Western provinces compared to those in Eastern Canada; another sign that economic power has shifted to Western Canada at the moment.

In 2009 Alberta is estimated to return to it Western GDP leadership role at 3.3%, followed by BC at 2.9% as they get even closer to the Olympics of 2010. Saskatchewan slows to 2.8%, as does Manitoba to 2.7%. The resource power of Newfoundland really kicks in to propel the province to a national GDP growth lead of 4.2% in 2009.

So for the upcoming 2009 planning season you need to factor in a slowing economy in Saskatchewan and Manitoba, and economic growth in BC and Alberta.