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Alberta's economy is on pace to grow by a blistering 6.7 per cent this year, far outpacing every other province, according to the latest forecast from the Conference Board of Canada.% \# C( }1 D) e" ^ l2 ]
' x5 e1 A: G) j7 n"Thanks to rising oil production and a swift turnaround in drilling levels, Alberta surged out of recession this year," Marie-Christine Bernard, director of the organization's provincial forecasting, said in a release Wednesday.
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9 Y7 t# R( q" `Calgary to have Canada's fastest growing economy this year, Conference Board says: n6 a3 A8 O% f6 g F
The report comes two days after a projection from ATB Financial that pegs real GDP growth at 3.9 per cent in Alberta for 2017, "which is likely to be the highest among the Canadian provinces."( B( }7 f7 d2 D, l. ]. _6 z& C
+ m/ H" s6 G6 h! eThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that., G Z s$ ~4 b
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"The domestic economy also performed well, as consumers who had delayed making major purchases during the recession flocked to car dealerships and retail stores," the report reads.7 Q% f A3 i2 t P- i5 x" G. k
" m# e7 e% k, a, v" n8 R"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."
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The "booming growth" in 2017 comes after two years of economic contraction, and the Conference Board cautions that Alberta won't keep up that pace next year.% A$ J/ t/ `% w8 T: A0 y6 T
' |2 [ s/ b1 d3 ]- r, }It forecasts provincial GDP to grow by 2.1 per cent in 2018, behind British Columbia's projected rate of 2.7 per cent and Newfoundland and Labrador's 2.4 per cent.+ x* W& }6 y( Z- z
: R, e1 c- P3 n3 z"However, recent strength in oil prices could help maintain the momentum in drilling and push economic growth higher over the near term," the report adds.
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: c- u+ _, p8 m( w4 {" T* fOil price rises to 2-year high above $58 US on supply slowdown/ J' t- L. v8 l7 k
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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