FREDERICTON (CNB) - The New Brunswick Economy: 2009 in Review was released today by Finance Minister Greg Byrne.

The report builds on the 2009 economic update tabled with the 2010-11 budget on Dec. 1, 2009. It provides additional detail on the economic and fiscal update released March 26, 2010.

"We are pleased that the province's economic performance is very much in step with what we had forecast," said Byrne. "It confirms that, while we were not immune to the global economic downturn, we weathered the recession relatively well."

Highlights:

  • economic growth in New Brunswick declined by an estimated 0.5 per cent in 2009, whereas the national economy contracted by 2.6 per cent;
  • the labour market held up well as New Brunswick was one of only three provinces to report increased employment last year;
  • the provincial unemployment rate was the lowest in the Atlantic provinces in 2009;
  • New Brunswick's population increased by 0.3 per cent from the previous year;
  • as was the case countrywide, the manufacturing and export sectors struggled with weakened global demand and slumping commodity prices;
  • average weekly earnings growth outpaced the national rate for the fourth consecutive year;
  • the provincial rate of inflation matched the national increase, edging up 0.3 per cent; and
  • retail sales declined marginally compared to the drop for Canada.

The New Brunswick economy report is normally released annually with the budget in March. Since the 2010-11 budget was delivered in December, Byrne said, it was decided to wait to incorporate the release of all data necessary for the comprehensive report.

"By doing so, we are being transparent and providing an up-to-date report on the economy for 2009," Byrne said.

Copies of The New Brunswick Economy: 2009 in Review, the 2010-11 budget and the economic and the fiscal update released on March 26, 2010, are at www.gnb.ca/finance.

26-04-10