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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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3 Q7 |1 Q; H, m! b) |& `4 _"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.8 B$ B) X# ^! x4 Q) n! W
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Calgary to have Canada's fastest growing economy this year, Conference Board says
: V( o, w, v" k: `; x# BThe 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 b' ]$ ^! E* V) K
+ f8 s+ j3 R I3 p0 j% }6 lThe Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that., ~( C- b: m0 j' K8 J4 j
: H0 g& L0 I. c- b1 d& g, c( e: F( J7 k. D"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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"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."% E" j/ S1 Q* ~$ t
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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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9 q6 v3 P' m2 t/ x0 W/ SIt 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.- U( R% K/ c; W! L# X5 p# ?9 U+ S
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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.
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5 j0 ^0 u t. r) g7 [+ XOil price rises to 2-year high above $58 US on supply slowdown
& U# ?0 j! u% \* RCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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