The outlook, released Tuesday, puts Saskatoon on top in 2012 with gross domestic product growth of 3.6%, followed by Calgary at 3.5% and Edmonton at 3.2%. Last year, Regina led the country with gross domestic product growth of 6.1% in 2011, followed by Saskatoon and Edmonton at 4.8 and 4.4%, respectively.

The top-three lineup changes again in the forecast for the 2013-16 period, with Calgary (4.1%) in the No. 1 spot, followed by Edmonton (3.7%) and Saskatoon (3.4%).

"Construction and manufacturing will propel Saskatoon's GDP growth to a nation-leading 3.6% in 2012," the report says. "Calgary's GDP growth of 3.5% in 2012 will be supported by improved consumer spending and manufacturing. Strong consumer Air Max 95 spending will help sustain economic growth of 3.2% in Edmonton this year."

Thanks in part to what the report calls a "volatile global economic environment," growth in Canada as a whole is expected to be about 2.1% in 2012, down from an estimated 2.3% last year, and lower than the 2.9% forecast for 2013-16.

The report also notes record levels of household debt will force Canadians to align their spending "more closely with relatively modest income gains," and also points to government spending cuts as acting as a drag on the country's progress.

"Overall, the situations for households, government and business suggests a weaker performance by Canada's domestic economy this year," the report says. "Unfortunately the lacklustre external environment will not offer much help either 2012 Air Max Shoes."