Mr. Speaker, the economic outlook presented in the 2023 fall economic statement, or FES, released on November 21, 2023, is based on the Department of Finance survey of private sector economists conducted in early September 2023. The average of private sector forecasts has been used as the basis for economic and fiscal planning since 1994, helping to ensure objectivity and transparency and introducing an element of independence into the government’s economic and fiscal forecast. See page 7 in the “Economic and Fiscal Overview” section of the FES 2023, at https://www.budget.canada.ca/fes-eea/2023/report-rapport/FES-EEA-2023-en.pdf.
In the survey, private sector economists are asked to provide forecasts for selected economic indicators, including the unemployment rate for Canada. The survey results do not provide detailed projections at the sectoral level or at the provincial level.