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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.
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"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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3 w$ n' v# }0 G) zCalgary to have Canada's fastest growing economy this year, Conference Board says
3 D& B3 [3 M4 N) ?4 \0 I. u, ]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."+ }9 Y( `( f( H5 q$ o9 Z* ^4 q
# [) H" c" l% f& }8 P0 MThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.7 N( O: I K) P3 n% z
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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.
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2 Y% M# d! P& ^/ ?5 |/ x# c8 F"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."5 R4 b9 ?& n% }0 }$ [5 ~
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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.
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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.
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"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.! S& v" K2 O$ S. ~
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Oil price rises to 2-year high above $58 US on supply slowdown
6 o% _0 \4 d- PCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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