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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." H9 ]9 W0 G7 P) s
4 V. R$ f5 ~% o1 t) P; G, I. K"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.& l. C6 j, F* j
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Calgary to have Canada's fastest growing economy this year, Conference Board says
t0 Q8 }" ?& Z3 o, a! G5 E) h- q7 e' CThe 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."% l7 h5 w/ U5 G1 Z# q! l4 P# `
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.9 _" {; a- B& p7 j
' I( N/ B: R8 t"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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, Q: H& V" m* N' y# U/ `"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more."* i, a3 X6 l3 g& e' O" ^. y
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* j. d% u+ S& QThe "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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- J, R: D# Z LIt 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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& B2 u, y& {$ Q. x# G"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.& [4 A# R$ p. [# v! m: C5 Q
j T$ y; a% Y" ^: F* IOil price rises to 2-year high above $58 US on supply slowdown& A# R0 I+ U5 Q/ V$ ~0 E" Z
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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