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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.9 h8 h& Q0 W r! _
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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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& W0 K- D d sCalgary to have Canada's fastest growing economy this year, Conference Board says& d: |3 A5 f; x4 D! J/ I
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."7 G1 Q! n/ V3 ^3 k& r2 T7 G0 s
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The Conference Board, meanwhile, points to numerous signs that Alberta's economy is growing even faster than that.
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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.: X. a$ M% g" F) M
, e* ^4 [7 {, Q z"With oil prices steadily improving since the summer, Alberta's economic performance could well surprise on the upside once more.": x0 r! W, W' P& u: C
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$ J- @% z, y+ D: w0 ]3 H; M5 G# dThe "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. [6 w$ Y+ }- |' S' i5 K' p
^( _7 [: t. H* {) N# EIt 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.( V! F; J) E+ e8 `# \+ I% h" m j
1 w4 `3 I0 @( k& l"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 B4 g# A a5 F- {( z. {0 p3 ~6 u1 K
2 V' A! N/ X7 P' {Oil price rises to 2-year high above $58 US on supply slowdown3 a* R( f6 I5 w: Q
Calgary's downtown office vacancy glut shrinks for 1st time since downturn began |
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