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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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# p& S i: g! v3 l2 z q( r"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.4 X) B/ S& y% W: O
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Calgary to have Canada's fastest growing economy this year, Conference Board says
, k: B8 K7 c0 L, g5 [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."
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* j5 J8 i* H l" |The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.7 Z% b5 a+ p# ]5 ~3 H- {& c' G
5 X6 t7 ^: j M"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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, V" e" O3 r! ]" P) x"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."& u. B2 S$ B+ k$ n! C* X; n6 K. ]
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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.4 m+ H! l2 o4 _" p1 d$ z. O
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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.' A8 } ?: Y2 S+ }, X/ B1 U
2 m# B; z5 v! W, H% B) V) z0 mOil price rises to 2-year high above $58 US on supply slowdown
, {: P5 z# M* n6 m- NCalgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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