Tourism businesses in the province are generating 64 per cent of the revenues they saw in 2019, on average, and seven in 10 report they have taken on debt to stay afloat.
Forecasters anticipate the central bank will raise its key interest rate, which is currently at 3.75 per cent, by either a quarter or half a percentage point next week.
Since the global onset of COVID-19, Canada has been closing the gap with the United States when it comes to attracting and keeping new permanent residents.
Although the headline growth rate is significantly stronger than forecasters had anticipated, the fall in consumer spending suggest higher interest rates are beginning to affect the economy more broadly.